Fashion platform Virgio raises $10 million in an extension of its Series A round from Prosus Ventures (formerly Naspers Ventures). This is the third tranche of its Series A round in 2022.
As per the reports, the board at Virgio has passed a special resolution to issue 1,16,366 Series A3 compulsory convertible preference shares (CCPS) at an issue price of Rs 7,005.3 per share to raise Rs 81.52 crore or $10 million.
Following the proceeds, Accel remains the largest stakeholder in the company with a 16.29 per cent stake while the new investor Prosus will command 6.25 per cent of the capital in the company.
Virgo had raised $7.4 million as a part of its Series A round in November and an undisclosed amount of funding from Accel India early this year.
It was founded by Amar Nagaram who is a former Myntra chief Executive in February 2022, Virgio will connect designers and manufacturers to create a fashion ecosystem. The business is designed to provide fast-paced fashion trends for Gen Z and new-age shoppers.
Besides VC firms, notable individual investors including Saif Ali Khan, Bhavish Aggarwal, Sri Harsha Majety, Kunal Shah, Vidit Atrey, and Mekin Maheshwari have already invested in the company.