Total amount raised
₹1.4 Billions
Latest funding date
12/1/2022
Location
Virgio has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The company is a global direct-to-consumer fast fashion brand known for its trendy and affordable styles.
Keep reading to explore the intricacies of Virgio's fundraising journey and the investors backing this innovative platform.
What Is Virgio?
Founded in February 2022, Virgio is a global direct-to-consumer fast fashion brand based in Bengaluru, Karnataka, India. The company was established by Amar Nagaram and has quickly grown to employ between 51-100 people.
Virgio offers a wide range of trendy and affordable fashion collections, including tops, bottoms, dresses, and outerwear. The brand is tech-led and vertically integrated, managing everything from trend curation and fashion designing to manufacturing and selling goods on its own platforms.
Committed to sustainability, Virgio emphasizes circular fashion by using recycled and organic fabrics. The company also provides multiple digital payment options, doorstep delivery, easy returns, and issues coupons and tokens for discounts.
How Much Funding Has Virgio Raised?
- Series A
- Amount Raised: ₹594M (approximately $7.2M USD)
- Date: November 2022
- Lead Investors: Alpha Wave Incubation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance product offerings.
- Series A (Extended)
- Amount Raised: ₹815.2M (approximately $10M USD)
- Date: December 2022
- Lead Investors: Accel, Alpha Wave Incubation, Prosus Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in technology development and hiring.
Total Amount Raised: $17.2M USD. Current Valuation: Not publicly disclosed.
Key Investors
- Accel
- Details: Accel is a global venture capital firm that invests in early-stage and growth-stage companies. Founded in 1983, it has a strong presence in Silicon Valley and other major tech hubs.
- Investment Focus Areas: Software, consumer internet, enterprise technology.
- Notable Investments: Facebook, Dropbox, Slack.
- Alpha Wave Incubation
- Details: Alpha Wave Incubation is a venture capital firm known for investing in technology-driven companies. It focuses on early-stage investments and has a global reach.
- Investment Focus Areas: Technology, fintech, healthcare.
- Notable Investments: PolicyBazaar, Ola, Zomato.
- Prosus Ventures
- Details: Prosus Ventures is a global consumer internet group and one of the largest technology investors in the world. It is part of Naspers, a multinational consumer internet group.
- Investment Focus Areas: Online classifieds, food delivery, payments and fintech.
- Notable Investments: BYJU’s, Swiggy, Meesho.
What's Next for Virgio?
Virgio stands at the cusp of a significant opportunity, driven by its focus on technology development and sustainable practices. The company aims to streamline the fashion lifecycle, creating a tech-led network of factories that can adapt quickly to changing trends. This approach not only caters to the fashion needs of Gen Z and late millennials but also addresses the growing demand for sustainable fashion.
With the recent successful funding rounds, Virgio is well-positioned for future fundraising opportunities. The involvement of prominent investors like Prosus Ventures and Accel suggests a strong potential for additional rounds to further scale operations and enhance technology. However, the company will need to navigate challenges such as market competition and the complexities of implementing sustainable practices at scale.
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