Fashion tech startup Virgio has raised $37 million (about Rs 306 crore) in a funding round led by Prosus Ventures, Accel, and Alpha Wave. The capital raised in the Series A funding round will be utilized towards further technology development and hiring, the company said in a statement.
Amar Nagaram, CEO and Founder, Virgio, said, "Traditionally, the fashion industry has operated on depth and discount models. Virgio is pioneering the test and scale method, making runway fashion accessible and affordable for all consumers, while eliminating excess inventory for manufacturers."
The company is building a fashion tech platform that will allow designers real-time access to consumer preferences. It is also envisioning a tech-led network of factories that enable designers to quickly build prototypes, get consumer feedback, and scale up the production, the statement added.