The young firm looks to build a global fashion brand from the South Asian market after raising $37 million in new financing.
The one-year-old startup was valued at $161 million after the funding. Virgio has not disclosed its seed funding round.
Consumers are not happy with the offerings of the incumbents. It is trying to solve this by streamlining design, manufacturing and purchasing processes in real-time, which will allow Gen-Z and late millennials to discover and purchase the new trendy apparels.
There is a wide range of ethnic and casual wear. Customers get large discounts and free shipping when new selections are added.
Some have compared the startup's model with that of Shein.
Nagaram said that the fashion industry has always operated on deep and discount models.
The tech foundation is always listening to trends on social media platforms and predicting the demand for each trend. The trendiest, elegant and affordable line is enabled by this fed into our supply chain. Nagaram, a veteran of Flipkart who took over the firm's top job last year, said that the test and scale method was pioneered byVirgio, making runway fashion accessible and affordable for all consumers.
The startup claims it can shorten the lead time from eight to ten months to one month with its full-stack approach. The app has 100,000 downloads. The app is too small to reflect metrics.
There is a lack of branded apparel in India. Only 25% of women's fashion is branded. The fashion industry in India is at an inflection point, driven by changing consumer preferences as a result of social media's influence, an important Gen- Z characteristic to individualize as a form of expression, and the integration of social commerce with social media platforms.
He believes that the startup's expert founding team is uniquely positioned to capture a large opportunity in the fashion industry.
A number of other entrepreneurs invested in the round.
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