05 September 2022, Mumbai:
Prosus Ventures may join the funding round of Virgio.
Virgio is the new venture of former Myntra CEO Amar Nagaram and is a fast fashion platform for Gen Z. Nagaram left Flipkart-owned Myntra last December as its chief executive. Currently, the app is in beta testing with users being put on a waitlist before a formal launch.
The first round is structured in multiple tranches like series A1, A2 and so on. Prosus Ventures is in the last leg of signing the deal. While the platform will be launched soon, it’s fetched a valuation of over $150 million. With Prosus Ventures coming in at Virgio, the round size may increase by around $10 million.This comes at a time when there is a visible slowdown in deal making at attractive terms across all stages. Once formally announced, it will be one of the biggest maiden institutional funding rounds for a new venture.
Virgo is expected to focus on customisation of consumer needs for fashion products. It will rely on the consumer-to-manufacturing model. The Virgio app has a lot of focus on technology and is trying to have a go at demand-based manufacturing of fast fashion. The idea is to address this demand among Gen Z and new-age consumers who are also really young.
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