Fast-fashion startup Virgio, founded by former Myntra chief, is shutting down its operations less than a year after raising funds at a valuation of over $160 million, according to two investor sources familiar with the situation.

The End of a Beloved Fashion Brand

“The fast fashion brand that you have come to love is no longer available,” Virgio says on its website. Amar Nagaram, founder and chief executive of Virgio, wrote in a peculiarly-worded LinkedIn post: “Never thought that we’d come to these crossroads in exactly a year of launch of Virgio,” and called the move a “turning point” for the startup.

A Sudden Turn of Events

Virgio raised a $37 million Series A funding from investors including Prosus Ventures, Accel, and Alpha Wave Global in December last year. That round valued it at $161 million, the startup said.

No Comment from the Founder

Nagaram didn’t respond to a request for comment Saturday evening.

Catering to Evolving Fashion Tastes

Virgio’s thesis was that as consumer fashion tastes evolve, many are finding current market options inadequate. The startup sought to refine its design, manufacturing, and procurement procedures to cater more promptly to Gen Z and older millennials. Virgio’s catalogue featured an expansive choice across casual, festive, and traditional categories, with fresh additions weekly.

A Limited User Base

Despite its ambitions, Virgio had fewer than 30,000 daily active users, according to mobile insight platform SensorTower, whose data an industry executive shared with AsumeTech.