![>](data:image/svg+xml;charset=utf-8,<svg height="566" width="1024" xmlns="http://www.w3.org/2000/svg" version="1.1"/> "Virgio's fast fashion dream is over 3")
Photo credit: Virgo
Fast fashion startup Virgio, founded by former Myntra boss, is considering ceasing operations less than a year after raising over $160 million in funding, according to two investor sources familiar with the matter. The startup, whose platform has struggled to gain traction and which said over the weekend that its eponymous platform was “no longer available,” downplayed the situation on Monday, emphasizing that it was a turnaround.
“The fast fashion brand you’ve grown to love is no longer available,” Virgio says on its website. Amar Nagaram, founder and CEO of Virgio, wrote in an oddly worded LinkedIn post, “I never imagined we would be at this crossroads exactly one year after launching Virgio,” calling the move a “watershed moment” for the startup.
On Monday, Virgio stressed that the company is moving toward “sustainable clothing” and that fast fashion is “harmful.” Two investors who spoke on condition of anonymity said they had been informed that Virgio would cease operations.
Virgio raised $37 million in Series A funding in December last year from investors including Prosus Ventures, Accel and Alpha Wave Global. This round was valued at $161 million, the startup said.
Nagaram did not respond to a request for comment on Saturday evening.
Virgio’s thesis was that many find current market options inadequate as consumers’ fashion tastes evolve. The startup wanted to refine its design, manufacturing and sourcing processes to more quickly cater to Generation Z and older Millennials. Virgio’s catalog offered a wide selection of casual, holiday and traditional categories with new additions weekly.
There were fewer than 30,000 daily active users, according to mobile insight platform SensorTower, whose data an industry executive shared with TechCrunch.