Fast-fashion startup Virgio, supported by Prosus, closes its doors despite a valuation of $161 million.

Fast-fashion startup Virgio, led by former Myntra chief, is closing down less than a year after securing funding of over $160 million. The shutdown was confirmed by two investor sources familiar with the situation. On its website, Virgio expresses that the beloved fast fashion brand is no longer available. Amar Nagaram, the founder and CEO of Virgio, shared a peculiarly worded LinkedIn post calling this a “turning point” for the startup.
Virgio successfully raised $37 million in Series A funding in December of the previous year, with investors like Prosus Ventures, Accel, and Alpha Wave Global. This funding round valued the startup at $161 million. Unfortunately, Nagaram did not respond to requests for a comment on the situation.
Virgio’s concept was to cater to the evolving fashion tastes of consumers who find current market options inadequate. The startup aimed to streamline its design, manufacturing, and procurement processes in order to better serve Gen Z and older millennials. Virgio’s catalog offered a wide range of choices in casual, festive, and traditional categories, with new additions made every week.
According to SensorTower, a mobile insight platform, Virgio had fewer than 30,000 daily active users. This data was shared with TechCrunch by an industry executive.