Fast fashion Virgio, valued at $161M, to shut down ops

A year ago, Virgio, an newcomer in the realm of fast-fashion, strutted its way onto the scene following a significant funding round, which catapulted its valuation to $160M.

But today, Virgio's once-fervent fanbase is met with a disheartening message on its website: "Sorry, the fashion label you learned to heart isn't taking any more orders."

• Virgio's Intriguing Inception: This dazzling startup, led by an ex-Myntra executive Amar Nagaram, promised a revolution in the fashion landscape, only to abruptly pack up its catwalk within a year.

• A Surprising Shutdown: Nagaram posted a cryptic LinkedIn note hinting at this unexpected development, referring to it as a "pivotal moment" in the startup's journey.

• Financial Feats: Virgio shot to prominence after securing a robust $37M in Series A funding from heavyweights like Prosus Ventures, Accel, and Alpha Wave Global in December. Yet, Nagaram remains tight-lipped on the sudden halt.

• Visionary Ventures: Virgio aimed to cater to the ever-evolving tastes of consumers, particularly Gen Z and older millennials, with its reimagined design, manufacturing, and procurement processes.

Despite weekly updates to Virgio's digital wardrobe, the startup managed to attract less than 30,000 daily active users, as per SensorTower's industry insights.