Prosus Ventures, a digital investor located in the Netherlands, led an extended Series A round of $10 million for the fashion startup Virgio.
To create a fashion ecosystem, Virgio will bring together designers and manufacturers. The company wants to offer Gen Z and new-age consumers quick-changing fashion trends. The company’s website claims that it is similar to the Chinese fashion retailer Shein, which was outlawed in India in 2020. Virgio reported that its board of directors has approved the issuing of 1,16,366 Series A3 compulsory convertible preference shares (CCPS) at a price of INR 7,005.3 per share in a regulatory filing with the Registrar of Companies (RoC). The industry for social commerce in India is anticipated to be worth $84 billion by 2030. Virgo provides casual, party, lounge, sports, and ethnic apparel for both men and women. The mobile app has been downloaded more than 100,000 times so far.