Fashion e-commerce platform Virgio recorded its first year of revenue generation in FY23 with Rs 7.4 crore in scale. Operations contributed close to Rs 5 crore the same year while the remaining amount came in from various other streams.
Established by Myntra’s former CEO Amar Nagaram, Virgio is a fashion brand that sells its products online and through a network of offline retailers. Keeping young women as its target audience, the products are designed to be trendy, affordable, and comfortable. The company pivoted from fast fashion to sustainable clothing in 2023.
Nagaram has had previous stints in Flipkart and Wildcraft India before moving on to setting up his own startup.
With a current valuation of Rs 1304.3 crore, it raised over Rs 300 crore in its maiden funding round. Held in late 2022, the Series A round was led by Prosus, Alpha Wave Global and Accel. It has also seen support from the likes of Bhavish Aggarwal, Sri Harsha Majety, Kunal Shah, Vidit Atrey, and Mekin Maheshwari.
In term of the company’s expenditure, it spent over Rs 20 crore on employee benefits, a little over Rs 4 crore on cost of materials, and depreciation accounted for over Rs 1 crore of the overall expenses, Rs 48,2 crore.
The Bengaluru-based company saw losses amounting to Rs 40.75 crore in the fiscal year ending March 2023. Its EBITDA margin stood at a negative 534.3% while the ROCE was an estimate -16.2%.