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.