Prosus-backed fast-fashion startup Virgio, with a valuation of $161 million, is set to cease operations, less than a year after it secured funding at a valuation exceeding $160 million, as reported by two investor sources familiar with the situation.

Virgio has posted on its website, “The fast fashion brand that you have come to love is no longer available.” Amar Nagaram, the founder and CEO of Virgio, wrote a LinkedIn post stating, “Never thought that we’d come to these crossroads in exactly a year of the launch of Virgio,” referring to this move as a “turning point” for the startup.

In December of the previous year, Virgio raised $37 million in a Series A funding round, with investors including Prosus Ventures, Accel, and Alpha Wave Global. This funding round had valued the startup at $161 million, as stated by Virgio.

Amar Nagaram has not responded to requests for comment as of Saturday evening.

Virgio aimed to address the evolving fashion preferences of consumers, particularly among Gen Z and older millennials, who found current market options inadequate. The startup focused on streamlining its design, manufacturing, and procurement processes to cater more effectively to these demographics. Virgio’s product catalog featured a wide range of choices in casual, festive, and traditional categories, with new additions introduced weekly.

According to data from the mobile insight platform SensorTower, Virgio had fewer than 30,000 daily active users, as shared by an industry executive with TechCrunch.