Bengaluru-based fashion tech startuphas shut its operations in about a year since its launch.
“Never thought that we’d come to these crossroads in exactly a year of launch of Virgio. We are overwhelmed with gratitude as we reflect on the incredible journey we’ve shared with you over the past year,” said Amar Nagaram, Co-founder, Virgio, in a LinkedIn post.
The company has not revealed the factors that led to its decision to close down.
“With over 100,000 passionate individuals, we’ve forged a vibrant community that has supported us at every step. However, today marks a significant turning point,” Nagaram added.
Virgio, which was founded in 2022 by former manufacturing and purchasing process in an effort to streamline the entire fashion lifecycle. The fashion startup was focused on Gen Z and late millennials.CEO Nagaram, said it used technology throughout the design,
The startup said it was building a tech-led network of factories to enable designers to quickly build prototypes, get consumer feedback, and scale up production. Its app, available for Android and iOS users, promised to show trends and styles in an interactive mode.
Virgio is backed by angel investors including Mukesh Bansal, Kunal Shah, Binny Bansal, Bhavesh Agarwal, Vidit Aatrey, Saif Ali Khan, Sriharsha Majety, Mekin Maheswari, Sameer Nigam, Reddy Ventures, and Viko Ventures.
In December 2022, the startup raised $37 million in a Series A funding round, led by Prosus Ventures, Accel, and Alpha Wave, for technology development and hiring.
Edited by Affirunisa Kankudti