Total amount raised
₹1.4 Billion
Latest funding date
12/1/2022
Location
Virgio has successfully raised funds in two rounds, with the latest being a Series A round involving 11 investors, including Accel, Alpha Wave Incubation, and Prosus Ventures. The company is backed by a total of 16 investors, with notable names such as Kunal Shah and Prosus Ventures.
Keep reading to explore the intricacies of Virgio's fundraising journey and the investors backing this innovative platform.
What Is Virgio?
Virgio is a global Direct-to-Consumer (D2C) fast fashion brand based in Bengaluru, Karnataka, India. The company operates in the E-Commerce, Fashion, Product Design, and Shoes industries, offering trendy, elegant, and affordable styles to fashion-forward users.
Founded in 2026, Virgio is committed to sustainable and eco-friendly fashion. The company employs between 51-100 people and focuses on using recycled and natural fabrics to create eco-friendly clothing. Their product range includes ethical dresses, sustainable co-ords, eco tops, earth-friendly trousers, skirts, and dresses for women, including a plus-size collection.
How Much Funding Has Virgio Raised?
- Series A
- Amount Raised: $37 million
- Date: December 2022
- Lead Investors: Prosus Ventures, Accel, Alpha Wave Incubation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used for technology development and hiring, aiming to streamline the fashion lifecycle and make runway fashion accessible and affordable.
- Extended Series A
- Amount Raised: $10 million
- Date: December 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The additional funds are likely aimed at further supporting the company's growth and expansion in the fast fashion market.
Total Amount Raised: $47 million. Current Valuation: Not publicly disclosed.
Key Investors
- Prosus Ventures
- Details: Prosus Ventures is a global consumer internet group and one of the largest technology investors in the world.
- Investment Focus Areas: Consumer internet, online classifieds, food delivery, payments, fintech
- Notable Investments: BYJU’s, Swiggy, PayU
- Accel
- Details: Accel is a global venture capital firm that invests in early-stage and growth-stage technology companies.
- Investment Focus Areas: Software, consumer internet, mobile technology
- Notable Investments: Facebook, Dropbox, Slack, Flipkart
- Alpha Wave Incubation
- Details: Alpha Wave Incubation is a venture capital firm known for investing in high-growth technology companies.
- Investment Focus Areas: Software, internet, technology-enabled services
- Notable Investments: Not explicitly mentioned
- Accel India
- Details: Accel India is a venture capital firm that invests in early-stage startups, particularly in the technology sector.
- Investment Focus Areas: Technology startups, early-stage investments
- Notable Investments: Flipkart, Swiggy, Freshworks
- Evolvence India
- Details: Evolvence India is a private equity firm that focuses on growth capital investments in India.
- Investment Focus Areas: Healthcare, financial services, consumer products
- Notable Investments: Not explicitly mentioned
What's Next for Virgio?
Virgio stands at the cusp of a significant opportunity in the fashion industry, particularly targeting the influential Gen Z and late millennial demographics. By leveraging technology to streamline the fashion lifecycle, the company aims to make high-fashion accessible and affordable. This approach, combined with a focus on sustainability, positions Virgio to capture a substantial market share in India's burgeoning fashion sector.
With a successful Series A funding round and an extended Series A, Virgio is well-poised for future fundraising opportunities. The involvement of prominent investors like Prosus Ventures and Accel suggests strong investor confidence, which could pave the way for additional funding rounds to support further growth and expansion.
However, the path ahead is not without challenges. Virgio must effectively implement and scale its "test and scale" method, build a robust tech-led network of factories, and integrate sustainable practices into its business model. Additionally, the company will need to navigate intense competition and rapidly changing fashion trends to maintain its edge in the market.
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