Process Ventures ex-Myntara CEO may join new fashion startup funding.

Process Ventures, the venture investment arm of Process (formerly Naspers), is in talks to join former Myntara CEO Amar Nagaram’s funding round, people briefed on the matter said.

Nagaram’s new venture — a fast fashion platform for Gen Z — could be valued at $150-160 million after investment, these people said. Nagaram, who left Flipkart-owned Myntra as CEO last December, is expected to take over by the end of this month and will name it Vergio – under Ameyam Enterprises.

The app is currently in beta testing so users can get on a waiting list before the official launch. ET reported in January that Alpha Wave (formerly Falcon Edge) and Aselhad closed their $25-30 million round at a $100 million valuation. Process Ventures’ investment is also part of a Series A fund, but the round is made up of multiple tranches, and Process is coming in at higher valuations than earlier investors.

“The first round consists of several parts like Series A1, A2 and so on. Prosus Ventures is in the final stages of signing the deal. Although the platform will be launched soon, with the Prosus round it has been valued at over $150 million,” one of the people said in a statement. When they come in, the round size is likely to increase by around $10 million.

This comes at a time when there is an attractive consensus slowdown at all levels. Once it goes public, it will be one of the largest rounds of virgin institutional funding for a new venture.

Nagara also declined to comment. A spokesperson for Process Ventures said it does not comment on market rumors and speculation.

Cultfit founder and president at Tata Digital Mukesh Bansal is an investor in the company, ET reported earlier.

Nagaram Virgio is being seen as the ‘shin of India’ by people who have reviewed the plans and know the goings on in the organization. Virgo is expected to focus on customizing consumer needs for fashion products. It will be based on a consumer-to-producer model. According to a statement on its website, “the Vergio app marks the dawn of a new brand of social commerce”.

“Similar to Shin from India with a strong focus on technology. They are trying to produce fast fashion based on demand. “The trends are changing fast and the idea is to address this need among Gen Z and new age consumers – really young,” said one of the people quoted above.

Xin has become popular in India but had to shut down its operations last year following a government crackdown on Chinese apps.

Prior to starting Vergion, Nagaram worked at Flipkart for seven years before moving to Myntara in 2019. He became the CEO at the fashion etailer following Walmart’s acquisition of Flipkart in 2018, which replaced former CEO Anat Narayan.

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