Fashion tech start-up Virgio has raised $37 million in Series A funding round. The fast fashion brand was founded by the former CEO of Myntra Amar Nagaram earlier this year.

The funding round was co-led by Prosus Ventures, Accel, and Alpha Wave. According to the company, the funds will be used for recruiting additional employees and technology expansion.

“At the core of Virgio is the tech foundation that is listening to evolving trends on social media platforms and predicting the demand for each trend. This is then fed into our agile and responsive supply chain to enable the trendiest, elegant and yet affordable line in near real-time. Virgio is pioneering the test and scale method, making runway fashion accessible and affordable for all consumers, while eliminating excess inventory for manufacturers,” said Amar Nagaram.

India currently has a sizable untapped market for branded clothing, with only 25 per cent of women’s fashion consisting of branded items, said Ashutosh Sharma, Head of India Investments, Prosus Ventures.

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“The fashion industry in India is at an inflection point, driven by changing consumer preferences as a result of social media’s influence, an important Gen-Z characteristic to individualise as a form of expression, and the integration of social commerce with social media platforms. We are confident in Virgio’s tech-first model and believe the start-up’s expert founding team is uniquely positioned to capture a large opportunity in India’s fashion industry,” he added.

According to the company, its app has over one lakh downloads and 20,000 daily active users. One million new users were on the platform during its Singles’ Day event sale last month, it added.

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