Amar Nagaram, previously the CEO of style startup Myntra, has co-founded a brand new firm known as Virgio, which has simply secured $37 million to launch what it calls “a world style model” within the South Asian market.
Collection A fundraising for Virgio was led by Prosus Ventures, Alpha Wave, and Accel, valuing the year-old firm at $161 million (post-money). (Virgio claims to have began out in2016, however it hasn’t shared particulars about its preliminary funding.)
Virgio claims that customers’ tastes in style are evolving rapidly and that they’re unhappy with the merchandise now obtainable. The corporate hopes to handle this difficulty by offering a central hub the place members of Technology Z and later-era millennials could browse for and purchase the most recent in style.
Virgio has an in depth assortment of formal, big day, and ethnic apparel. New merchandise are added each week, and regulars could benefit from deep worth cuts and free transport.
Some have likened the startup’s technique to that of the large retailer Shein.
In a press release, Virgio CEO and founder Nagaram acknowledged, “Traditionally, the style enterprise has labored on depth and low cost fashions.”
“The expertise spine of Virgio is at all times monitoring social media to anticipate client demand for brand new developments within the business. This data is put into our nimble and responsive provide chain, which in flip allows essentially the most modern, refined, and however moderately priced vary doable. In keeping with Nagaram, a Flipkart veteran who took over as Myntra’s CEO in 2019 earlier than departing the corporate this 12 months, “Virgio is pioneering the take a look at and scale technique, making runway style accessible and low-cost to all shoppers, whereas eradicating surplus stock for producers.”
The corporate claims it has decreased the traditional lead time of eight to 10 months to just one month due to its use of a full-stack technique. Greater than 100,000 copies of its namesake programme had been downloaded, it stated. (The app’s numbers are nonetheless imprecise on Sensor Tower as a result of it’s nonetheless in beta.)
In the case of branded clothes, India has a large untapped market. Within the case of ladies’s clothes, as an illustration, solely round 25% is made by main manufacturers. “The style business in India is at an inflection level, pushed by altering client preferences because of social media’s affect, an vital attribute of Gen-Z to individualise as a type of expression, and the combination of social commerce with social media platforms,” stated Ashutosh Sharma, Head of India Investments at Prosus Ventures, in a press release.
The startup’s “skilled founding workforce” is “uniquely positioned to grab a major potential in India’s attire sector,” he continued, “and we’re confidence in Virgio’s tech-first method.”
Entrepreneurs together with Mukesh Bansal, Kunal Shah, Binny Bansal, Bhavesh Agarwal, Vidit Aatrey, Saif Ali Khan, Sriharsha Majety, and Sameer Nigam, amongst many others, contributed to the spherical.
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