Fast-fashion startup Virgio shuts down operations
Virgio, a fast-fashion startup founded by former Myntra chief, is closing its doors less than a year after raising funds at a valuation of over $160 million, according to two investor sources.
“The fast fashion brand that you have come to love is no longer available,” Virgio announced on its website. Amar Nagaram, founder and CEO of Virgio, acknowledged this unexpected turn of events in a LinkedIn post, calling it a “turning point” for the startup.
In December last year, Virgio secured a $37 million Series A funding from investors such as Prosus Ventures, Accel, and Alpha Wave Global, which valued the company at $161 million.
Amar Nagaram did not provide any comment on the matter when contacted.
Virgio aimed to cater to evolving consumer fashion tastes by refining its design, manufacturing, and procurement processes for Gen Z and older millennials. Its catalogue offered a wide selection of casual, festive, and traditional clothing, with new additions made weekly.
According to mobile insight platform SensorTower, Virgio had fewer than 30,000 daily active users.
