Men’s apparel brand WROGN has raised Rs 125 crore ($15 million) from Aditya Birla Group owned TMRW House of Brands. With this investment, TMRW’s portfolio now consists of eight Indian fashion brands.
TRMW has acquired 16% stake in WROGN, valuing the Bengaluru-based company at around $105 million.
Apart from strengthening its position on fashion platforms like Myntra, this partnership will help expand its offline footprint and scaling up the D2C business, WROGN said in a press release. The firm aims to become the leading brand in the men’s casual and activewear category with a path to Rs 1.500 crore revenue in the next 5 years.
Founded in 2014 by brother-sister duo Anjana and Vikram Reddy, WROGN is a notable brand in the casual wear space. It offers a diverse range of casual wear, footwear, and accessories. Leveraging cricketer Virat Kohli’s influence, the brand has rapidly expanded its presence through exclusive brand outlets and strategic partnerships with leading e-commerce marketplaces.
WROGN has raised around $90 million from the likes of Accel, Flipkart, Kohli, and Sachin Tendulkar since its inception in 2014. In November 2020, Flipkart invested an undisclosed amount in WROGN’s Series F round. The e-commerce major is also an investor in Hrithik Roshan’s HRX which competes with WROGN.
WRONG grew at a rapid pace in the last few fiscal years but its growth remained flat in FY23. Its revenue grew only by 2.3% to Rs 344 crore in FY23 from Rs 336 crore in FY22. Unlike its revenue, the company’s losses spiked 33% to Rs 44.26 crore from Rs 33.63 crore in the same period. The firm is yet to file its annual report for FY24.
As per a recent report by TMRW X Bain & Company, the fashion and lifestyle space is India’s second largest consumer category, valued at $110 billion with approximately 10% online at $11 billion. The online fashion market overall is expected to grow to approximately $35 billion by financial year FY28 at a 25% CAGR.
Previously, TMRW had invested in brands like The Indian Garage Co., Bewakoof, Nauti Nati, Juneberry, Urnabo, Veirdo, and Nobero.
