Fashion tech startup Virgio raises USD 37 million

Mumbai: Fashion tech startup Virgio on Friday said it has raised USD 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 utilised towards further technology development and hiring, the company said in a statement.

"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," Virgio CEO and Founder Amar Nagaram said.

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 which enable designers to quickly build prototypes, get consumer feedback, and scale up the production, the statement added.