Fashion tech startup Virgio by former Myntra CEO Amar Nagaram gets $37 million funding

Virgio, fashion tech firm founded by former Myntra CEO Amar Nagaram has raised $37 million along with Prosus Ventures, Accel and Alpha Wave in Series A funding. The funding makes optimistic news when the startups in general are going through a winter freeze.

Amar Nagaram says he will use the funding to further technology development and hiring. Nagaram was earlier associated with Flipkart and Myntra which he quit in late 2021 and launched his venture in early 2021.

For the unversed, Virgio is backed by angel investors like Cult.fit co-founder Mukesh Bansal, founder of Cred Kunal Shah, Binny Bansal who is the co-founder of Flipkart, Ola’s co-founder Bhavish Agarwal, Meesho’s Vidid Aatrey, angel investor Saif Ali Khan and Swiggy’s Sriharsha Majety among others.

Virgio intends to become an India-based global brand that will be using technology to streamline the entire fashion life cycle by integrating design, manufacturing and purchasing, which will in turn enable real-time fashion offerings. Virgio will mainly rely on evolving trends via social media. The info will then be fed into supply chain to enable trendiest and affordable fashion line in near real-time.

Virgio is pioneering test and scale method that will make runway fashion accessible and affordable to consumers. Alongside, Virgio will provide designers access to consumer preferences in real time. Its future and ambitious plan includes tech-led network factories that would enable designers to quickly build prototypes, get consumer feedback and then scale up production.

The startup claims it presently has around 100,000 downloads and over 20,000 daily active users. As market for branded apparel is just 25%, there is a huge void that the fashion tech startup can help to bridge by integrating social commerce with social media platforms.