Virgio’s fast fashion empire: No more
Amar Nagaram - Founder of Virgio, a D2C fashion brand
- Virgio, a fast-fashion startup founded by former Myntra chief Amar Nagaram, is reportedly considering shutting down its operations less than a year after raising funds at a valuation of over $160 million.
- The startup’s platform has faced challenges in making inroads, and its website stated that its fast fashion brand is “no longer available.”
- Virgio has stated that it is pivoting towards “sustainable clothing” and has found fast fashion to be “harmful.”
- The company had raised a $37 million Series A funding round in December the previous year, valuing it at $161 million, with investors including Prosus Ventures, Accel, and Alpha Wave Global.
- Virgio aimed to cater to evolving consumer fashion tastes, focusing on Gen Z and older millennials with a diverse range of clothing categories, but had fewer than 30,000 daily active users, according to mobile insight platform SensorTower.
