Virgio, a fashion startup headquartered in Bengaluru, has raised $37 million as part of its Series A round co-led by Prosus Ventures, Accel, and Alpha Wave Global, per a statement.
According to media reports, the funding has pegged the post-money valuation of Virgio at $161 million.
The corpus raised will be used by the company to enhance its technology and ramp up recruitment.
Established earlier this year by former Myntra CEO Amar Nagaram, Virgiois caters to Gen Z and late millennials. It uses technology throughout its design, manufacturing and purchasing process in the fashion industry.
Virgio offers an array of casual, party, and ethnic wear.
“Traditionally, the fashion industry has operated on depth and discount models,” said Nagaram in a statement, highlighting the immense opportunity the industry offers in India, given that it’s largely fragmented.
According to the company, branded apparel currently constitutes only 25% of women’s fashion in India.
Virgio earlier raised funding from a series of angel investors in India such as Mukesh Bansal, Kunal Shah, Binny Bansal, Vidit Aatrey, Saif Ali Khan, Sriharsha Majety, Mekin Maheswari, Sameer Nigam, Reddy Ventures and Viko Ventures.