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Fashinza, Virgio to return majority capital after pivots

Economic Times  

Two well-funded startups - Fashinza and Virgio - backed by Accel India and Alpha Wave Global, have initiated a process to return most of the capital they had raised, after a change in their business models. Both had failed to find traction in the original business plans for which they had raised the funds and so are now returning part of the money.Gurugram-based Fashinza - a B2B fashion startup which was last valued at around USD 300 million - is trying to become a “manufacturing startup” in the same space.Bengaluru-based fashion venture Virgio, which raised close to USD 40 million in multiple tranches, has also begun the process of returning a part of the remaining capital to investors, after turning the focus to circular fashion, which promotes sustainable practices like recycling, upcycling and reducing waste in the fashion industry. Virgio also raised funds from Accel, Alpha Wave, Prosus Ventures and others.