Prosus Ventures, the venture investment arm of Prosus (formerly Naspers), is, reportedly, in advanced stages of talks to join the funding round of the new venture of former Myntra CEO Amar Nagaram.
Nagaram’s new venture is a fast fashion platform for Gen Z and is likely to be valued at US $ 150-160 million after the investment.
The new venture named Virgio, housed under Ameyam Enterprises, is currently in beta testing phase.
It is to be noted that the series A funding is structured in multiple tranches. Alpha Wave (formerly Falcon Edge) and Accel had finalised their US $ 25-30 million round at a US $ 100 million valuation.
Prosus Ventures is in the last leg of signing the deal. With Prosus Ventures coming in at Virgio, the round size may increase by around US $ 10 million.
Mukesh Bansal, founder of Cultfit and President at Tata Digital, is also an investor in the firm.
Before starting Virgio, Nagaram worked at Flipkart for almost seven years before moving to Myntra in 2019. He was elevated to CEO at the fashion e-tailer after its previous Chief Executive Ananth Narayanan quit following Walmart’s acquisition of Flipkart in 2018.
