I know you might be prompted to ask, why all this news about seed funding, venture capital and Series A funding, and I am like… Hmmm, what will anyone be doing in business without funds?
These funds help startups, medium and large-scale businesses grow, accomplish their mission statements and serve the good of the people in ways necessary.
As businesses garner these funds, the ripple effect will be seen in increased employment via job creation, improved customer satisfaction, expansion and increased ROI.
Founded in 2022 by former Myntra CEO Amar Nagaram, Virgio uses technology throughout the process of purchasing, manufacturing and designing, to streamline the entire fashion lifecycle. The fashion startup is focused on Gen Z and late millennials.
“Virgio is pioneering the test and scale method, making runway fashion accessible and affordable for all consumers, while eliminating excess inventory for manufacturers,” said Amar, CEO and Founder of Virgio.
Virgio is also envisioning a tech-led network of factories that will help designers build prototypes quickly, get consumer feedback, and scale up production. Its app, available for Android and iOS users, uses technology to showcase trends and styles in an interactive mode.
Virgio has raised $37 million in a Series A funding round led by Prosus Ventures, Accel, and Alpha Wave.
Ashutosh Sharma, Head of India Investments, Prosus Ventures, believes the fashion startup’s founding team is “uniquely positioned to capture a large opportunity” in India’s fashion industry.
Virgo’s previous angel investors include Mukesh Bansal, Kunal Shah, Binny Bansal, Bhavesh Agarwal, Vidit Aatrey, Saif Ali Khan, Sriharsha Majety, Mekin Maheswari, Sameer Nigam, Reddy Ventures, and Viko Ventures.
The company in a statement said that the funds raised will be used towards development in technology and hiring.