Fast-fashion startup Virgio, founded by a former Myntra chief, has shut down operations less than a year after raising more than $160 million in funds, according to two investor sources familiar with the situation.
“The fast fashion brand I loved is no longer available,” Virgio says on his website. Written by Amar Nagaram, Founder and CEO of Virgio Personally worded post on LinkedIn“I never thought we would reach this crossroads within exactly a year of launching Virgio,” she said, describing the move as a “turning point” for the startup.
Virgio raised $37 million in Series A funding from investors including Prosus Ventures, Accel and Alpha Wave Global in December last year. The startup said that this round valued it at $161 million.
Nagaram did not respond to a request for comment Saturday evening.
Virgio’s thesis was that as consumer fashion tastes evolve, many find existing market options inadequate. The startup sought to improve its design, manufacturing and procurement procedures to meet the needs of Generation Z and older millennials faster. Virgio’s catalog features a wide choice across casual, festive and traditional categories, with new additions weekly.
It had fewer than 30,000 daily active users, according to mobile insights platform SensorTower, whose data an industry executive shared with TechCrunch.
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