Virgio Lays Off 33% Workforce
According to sources familiar with the situation, Virgio, the fashion company founded by former Myntra CEO Amar Nagaram, laid off 20 employees, or 33 per cent of its workforce, as part of a reorganisation effort.
Virgio's cost-cutting efforts had the greatest impact on senior staff members. Only a few weeks have passed since Virgio switched from a fast fashion to a sustainable clothing business model.
"Virgio recognized that it had made some hiring mistakes and wanted to correct them as soon as possible." "The people who were let go were not bad people; they just weren't good enough for the stage Virgio is in right now," one of the people above told Moneycontrol.
The company has rearranged its upper deck as well as made the necessary layoffs, and it is hiring more workers to fill open positions.
Hansa Nigam, who previously oversaw marketing for OnePlus Nord in India, has taken over as Virgio's marketing director, succeeding Sachin Tandon. Suyash Motarwar, who previously worked for Flipkart and PharmEasy, has taken over as head of Virgio's IT from Nishant Khurana. Ashish Ranka, a former CoinSwitch and Flipkart employee, has taken over as head of product in place of Neelesh Soni.
All four departing executives, Narkar, Tandon, Khurana and Soni, were previously employed by Myntra, and Nagaram was the CEO of the Walmart-owned company.
Virgio is supported by a number of investors, including Swiggy co-founder Sriharsha Majety, Cult.fit co-founder Mukesh Bansal, Cred founder Kunal Shah, Flipkart co-founder Binny Bansal, Ola co-founder Bhavish Aggarwal and Meesho co-founder Vidit Aatrey.
