Virgio, a fashion startup, has raised $37 million in a Series A funding round led by Prosus Ventures, Accel, and Alpha Wave Global.
According to a press release, the funds will be used for technology development and hiring.
Mukesh Bansal (Myntra), Kunal Shah (Cred), Binny Bansal (Xto10X), Vidit Aatrey (Meesho), actor Saif Ali Khan, Sriharsha Majety (Swiggy), Mekin Maheswari (ACT Grant), Sameer Nigam (PhonePe), Reddy Ventures, and Viko Ventures have previously backed the Bengaluru-based company.
The company is developing a fashion tech platform that will allow designers to gain real-time access to consumer preferences. It also envisions a network of factories led by technology that will allow designers to build prototypes, gather consumer feedback, and scale up production.
Virgio’s model claims to have cut the 8 to 10-month lead time in half. Its app has approximately 100,000 downloads. During its Singles’ Day sale last month, it saw an increase in the number of users on its platform to approximately 1 million new users, and it claims to have over 20,000 daily active users (DAU).
Prosus Ventures made significant investments in the Indian market in FY22, investing $900 million in total, with approximately $800 million invested in India. It also took part in DeHaat’s $60 million Series E funding round in December 2022.
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