Virgio, a fast-fashion startup founded by the former chief of Myntra, is ceasing its operations less than a year after securing funds with a valuation exceeding $160 million. This information comes from two sources familiar with the situation, both of whom are investors.
On its website, Virgio announces, “The fast fashion brand you have come to love is no longer available.” Amar Nagaram, the founder and CEO of Virgio, expressed in a LinkedIn post that he never anticipated reaching this point exactly one year after Virgio’s launch, describing this move as a “turning point” for the startup.
In December of the previous year, Virgio raised $37 million in Series A funding from investors such as Prosus Ventures, Accel, and Alpha Wave Global, resulting in a valuation of $161 million, as claimed by the startup.
As of Saturday evening, there has been no response from Nagaram to requests for comments.
Virgio’s premise was based on the idea that as consumer fashion preferences evolved, many individuals found the existing market options lacking. The startup aimed to enhance its design, manufacturing, and procurement processes to cater more efficiently to Generation Z and older millennials. Virgio’s product range included a wide selection of items in the casual, festive, and traditional categories, with fresh additions made weekly.
According to the mobile insights platform SensorTower, Virgio had fewer than 30,000 daily active users, according to data provided by an industry executive.
