Free ReadOctober 13, 2023 | 5 Min Read
Earlier this week, Amar Nagaram hinted that his fast fashion brand Virgio was shutting shop. While Nagaram eventually did a U-turn and tells The CapTable that it was simply a clever publicity stunt, the fact Virgio is “rebranding” 18 months into existence hints at the struggles it has faced so far.
On October 7, former Myntra CEO Amar Nagaram created a furore online when he posted an image on LinkedIn that indicated that his 1.5-year-old fast fashion startup Virgio had shut shop.
With Virgio valued at around $160 million, having raised over $38 million in funding from blue-chip VC firms such as Accel Partners and Prosus Ventures, and prominent angel investors including Ola co-founder Bhavish Aggarwal and Meesho co-founder Vidit Aatrey, the startup’s apparent demise understandably made headlines.
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Blume Ventures
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