Indian BeehiveNews

Introducing a new Ecommerce platform in India

The ecommerce market in India is all set to reach a mark of $8 Bn by the year 2030. A resolution passed by Virgios a fashion startup to issue 1,16,366 series A3 CCPS at an issue price of INR 7,005.3 per share. After passing the resolution Prosus signed a deal and it now owns 6.25% of the startup and Accel India continue to be the only largest shareholder in Virgios.  Vit raised ₹82 Cr in a round of series A led by tech investors based in Netherlands.  According to a report by Fintrackr, the company’s value is around ₹1,304 crore.

Virgio was founded in the month of February 2022 by former Myntra chief executive Amar Nagaram. Virgio will focus on getting designers and manufacturers in order to build an ecosystem of fashion entrepreneurs. Virgio offers a wide range of clothes from casual to ethnic clothes for both men and women and the application has currently crossed over 100k downloads. The idea is to keep up with the trends for Gen Z and new age shoppers. Entering low-cost fashion brands aiming to initiate a platform where customers can buy products of all ranges.

Apart from venture capitalists’ certain other people have invested in the firm which include Bhavish Aggarwal, Sri Harsha Majety, Kunal Shah, Vidit Atrey. Virgio raised funds in an extension of its series round from Prosus ventures. This was the 3rd time the series of funding was held in 2022.

 

 

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