Men’s apparel brand WROGN has raised approximately Rs 75 crore (approximately $9 million) in funding from Aditya Birla Digital Fashion Ventures Ltd (ABDFVL), increasing ABDFVL’s stake in the D2C fashion brand from 17.10% to 32.84% on a fully diluted basis, as per a stock exchange filing.
Earlier, in June this year, WROGN secured Rs 125 crore ($15 million) from TMRW House of Brands, an Aditya Birla Group company. This investment saw TMRW acquiring a 16% stake in WROGN, valuing the Bengaluru-based brand at around $105 million.
Aditya Birla Group’s TMRW has now backed eight Indian fashion brands, including men’s casualwear brand The Indian Garage Co, casualwear Bewakoof, athleisure brand Nobero, children’s brand Nauti Nati, denim label Urbano, and casualwear brands JuneBerry and Veirdo.
Founded in 2014 by siblings Anjana and Vikram Reddy, WROGN is a leading name in casual wear, offering a wide range of apparel, footwear, and accessories. Leveraging cricketer Virat Kohli’s influence, the brand has expanded its reach through exclusive brand outlets and partnerships with major e-commerce platforms.
Since its inception, WROGN has raised approximately $90 million from investors like Accel, Flipkart, Virat Kohli, and Sachin Tendulkar. In November 2020, Flipkart invested an undisclosed amount in WROGN’s Series F round. Flipkart is also an investor in Hrithik Roshan’s HRX, which competes with WROGN.
WROGN’s revenue from operations dropped by 29.2% to Rs 243.75 crore in FY24, down from Rs 344.3 crore in FY23. Despite implementing cost-cutting measures, the Virat Kohli-backed brand saw its losses up by 28.2%, reaching Rs 56.76 crore compared to Rs 44.26 crore in FY23, primarily due to a sharp decline in sales.
According to a recent report by TMRW X Bain & Company, the fashion and lifestyle sector is India’s second-largest consumer category, valued at $110 billion, with online sales accounting for around $11 billion, or 10% of the market.
By Entrackr
Source: Entrackr