Virgio shuts down a year into raising $37Mn
Another consumer tech startup bites the dust :/ https://entrackr.com/2023/10/ex-myntra-ceos-startup-virgio-shuts-down-after-raising-37-mn/
Get a tag(college/company) -> Open a startup -> Get Funding (even seed stage is fine) -> Burn money -> sell or shut down startup.
Fastest way to accumulate wealth in today's time.
Deadly300
Stealth
a year ago
Employees are like mere ko kyun phoda 🤣
When startups shut down, founders don’t typically make much money
In most cases they would make more money if they’d continued a corporate job
See more comments
Gonedalf
Stealth
a year ago
How oh how did they manage to burn 37 mil in less than a year?
Hoping they didn’t actually burn it, and they’re returning at least most of it
When freshers straight out of college get paid around 1 crore rupees, this was bound to happen
NotReal
Stealth
a year ago
Virgio died a Virgin
What did Virgin do exactly ? Not clear it even had a product yet. Then where’s the learning to even determine it needs to shut down ? And if there’s no learning yet and no thesis either , then why the fcuk did they raise 37M ? And which idiotic VC led these rounds ?
raised a $37 million from Prosus Ventures, Accel and Alpha Wave Global valued at $161 million
I understand second time founders have less risk but the new fad in the ecosystem is 10mn + pre product which is bad for other startups when such ones fail so publicly
See more comments
They were trying to copy shein but didnt realise indian manufacturing ecosystem is diff than china in terms of way lower adoption of tech making backward integration not possible unless you go ops heavy which is not cost effective. If it would have been possible, fashinza, zilingo etc historically wont have to be so ops heavy
Tells us that previous success doesn't translate to future success no matter how experienced you are. Just today was talking with a bunch of dudes about Anil Ambani and how he went from the richest dudes in the country to bankrupt.
Luck and getting cheated in business plays a major role in your success
He’s bankrupt with a net worth of 2B. I’d like to br that bankrupt myself.
My friend used to work here.. He quit along with most(read almost 80%) of the tech team in may.. Reasons being Toxic work env.. 6 days a week work and micro management by CEO..
I think the wording is confusing. He has announced a "pivot" to a sustainable fashion model now.
Something tells me this is a founder and company to keep a big distance from.
Barbaadeshwar
Stealth
a year ago
Thank fuck the founder didn't meet me when I was interviewing
Rocketman
Stealth
a year ago
Pivot not shutdown
Rocketman
Stealth
a year ago
https://entrackr.com/2023/10/ex-myntra-ceos-startup-virgio-shuts-down-after-raising-37-mn/
Sadmonk
Stealth
a year ago
Makes me sadder
WhiteBhat268
Student
a year ago
Virgio actually made good fusion clothing tho, but priced it a bit too much, and that doesn't get enough credibility
Maxpayne15
Stealth
a year ago
They are pivoting
Actually it was marketing gimmick. Virgio is not closed, they are launching 2.0. Their CEO confirmed the same with media
What happens if you shut shop? Do you have to return the money or salary drawn till that point?
Earmygard
Stealth
a year ago
https://www.moneycontrol.com/news/business/accel-backed-virgio-pivots-from-fast-fashion-to-sustainable-clothing-11498941.html
Pivoting rather than shutting down.... apparently
