Prosus may invest in upcoming venture, Virgio

5 Sep 2022 , 10:09 AM

Prosus Ventures, the venture investment division of Prosus (previously Naspers), is in advanced discussions to participate in the capital round of Amar Nagaram’s new business.

After the investment, the worth of Nagaram’s new business, a rapid fashion platform for Gen Z, is estimated to range between $150 to 160 million, according to these sources. Nagaram, who resigned as the CEO of Flipkart-owned Myntra in December, is slated to announce the venture later this month under the name Virgio, which will be a division of Ameyam Enterprises.

The software is now being being tested, and users are being added to a queue before a formal launch. At a valuation of $100 million, Alpha Wave (formerly Falcon Edge) and Accelhad closed their $25—30 million investment in the company. Although the financing is structured in numerous tranches and Prosus Ventures is investing at a higher value than earlier investors did, their investment is still a part of the series A funding.

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