Virgio Raises Rs 59.4 Crore At Around $100 Million Valuation

Updated on: 4 November 2022 1:39 am

As part of its rationalisation process, the edtech was considering shutting down its operations in Thiruvananthapuram, Kerala

BYJU’s Takes U-Turn, Decides To Continue With Thiruvananthapuram Office Photo: As part of its rationalisation process, the edtech was considering shutting down its operations in Thiruvananthapuram, Kerala

Bengaluru-based fashion platform Virgio has raised Rs 59.4 crore ($7.4 million) from four investors in a series A funding round. This is the second time the company has raised capital this year.

Virgio’s board passed a special resolution to issue 29,204 Optionally Convertible Redeemable Preference Shares (OCRPS) and 98,476 Series A2 Compulsory Convertible Preference Shares (CCPS) at an issue price of Rs 4657.46 each as per regulatory filings with the Registrar of Companies (RoC).

Venture fund Alpha Wave Incubation (AWI) led the investment round by investing Rs 39.4 crore. Viko Ventures, Reddy Futures LLP, and AL Trust infused Rs 3.98 crore, Rs 3.98 crore, and Rs 3.59 crore, respectively.

Follow our WhatsApp channel

Virgo also raised Rs 8.05 crore from individual investors such as actor Saif Ali Khan, OLA’s chief executive officer (CEO) Bhavish Aggarwal, Swiggy's co-founder and CEO Sriharsha Majety, Cred's founder Kunal Shah, Meesho founder and CEO Vidit Aatrey and Mekin Maheshwari, co-founder of GAME.

Earlier, Virgio had closed a funding round at an undisclosed amount from Accel India.

Founded in February 2022 by -former Myntra executive -Amar Nagaram the brand is currently working on building a fashion ecosystem with a team size of close to 50. He worked at Flipkart and Walmart before moving to Myntra as its CEO in 2019.

After the latest allotment, the company is valued at Rs 802 crore ($102 million), Fintrackr reported.