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Virgio, a quick style startup based by former Myntra Chief Govt Officer Amar Nagaram, has mentioned will probably be pivoting to “sustainable clothes”, a few yr after it raised funds from marquee backers equivalent to Prosus and Accel Ltd.
On Saturday, Nagaram took to LinkedIn to share that Virgio has come to a “crossroads” precisely a yr after launch. The startup is at “a big turning level”, he mentioned whereas sharing a photograph that instructed the corporate was closing operations.
Nonetheless, Nagaram clarified that Virgio was not shutting down on Monday.
“We’re evolving into one thing much more significant and highly effective. Being one of many fastest-growing quick style manufacturers in India, we’ve soared greater than we’d imagined after we began off final yr,” he wrote. “That’s why we’ve made a aware alternative to maneuver our whole efforts to construct a round style model.”
Quick style promotes overproduction and overconsumption and is fueling a “world disaster”, Nagaram mentioned.
“In the previous couple of months, we’ve deconstructed every facet of what goes into making a garment to make it extra round and extra aware, and we can not wait to share the groundbreaking work that has come out of this tough work,” he wrote.
Nagaram’s flip comes a few yr after Virgio raised $37 million, or about Rs 300 crore, from buyers equivalent to Prosus Ventures, Alpha Wave, and Accel in its Collection A spherical at a valuation of $160 million, or about Rs 1,330 crore.
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