Fashion startup Virgio raised $10 million in Series A led by Prosus Ventures

December 7, 2022

, By Team SNFYI

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Fashion startup Virgio raised $10 million in an extended Series A led by a Netherlands-based tech investor, Prosus Ventures.

Virgio will bring together designers and manufacturers to form a fashion ecosystem. The company’s goal is to provide fast-paced fashion trends to Gen Z and new-age shoppers. According to the company’s website, it resembles Chinese fashion retailer Shein, which was banned in India in 2020. Virgio said in a regulatory filing with the Registrar of Companies (RoC) that its board of directors approved the issuance of 1,16,366 Series A3 compulsory convertible preference shares (CCPS) at an issue price of INR 7,005.3 per share. By 2030, the Indian social commerce market is expected to be worth $84 billion. For both men and women, Virgo offers casual, partywear, loungewear, sportswear, and ethnic clothing. So far, the mobile application has received over 100,000 downloads.

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Fashion startup Virgio raised $10 million in Series A led by Prosus Ventures

December 7, 2022

, By Team SNFYI

Fashion startup Virgio raised $10 million in an extended Series A led by a Netherlands-based tech investor, Prosus Ventures.

Virgio will bring together designers and manufacturers to form a fashion ecosystem. The company’s goal is to provide fast-paced fashion trends to Gen Z and new-age shoppers. According to the company’s website, it resembles Chinese fashion retailer Shein, which was banned in India in 2020. Virgio said in a regulatory filing with the Registrar of Companies (RoC) that its board of directors approved the issuance of 1,16,366 Series A3 compulsory convertible preference shares (CCPS) at an issue price of INR 7,005.3 per share. By 2030, the Indian social commerce market is expected to be worth $84 billion. For both men and women, Virgo offers casual, partywear, loungewear, sportswear, and ethnic clothing. So far, the mobile application has received over 100,000 downloads.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

FoodTech startup Calo raised $13 million in its Pre-Series A led by Nuwa Capital and STV

Next News

Kenya-based Kapu raised $8 million in its SEED round co-led by Giant Ventures and Firstminute Capital

More like this

Popular

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