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TMRW, an Aditya Birla Group venture, is set to raise Rs 437 crore (around $50 million) from ServiceNow Ventures.
The proceeds will be used to expand its portfolio of digital-first fashion brands and use the investor’s artificial intelligence platform to enhance operations and customer experience.
Launched in mid-2022, TMRW’s portfolio of brands include Bewakoof, WROGN, The Indian Garage, and Nobero, catering to Gen Z and Millennial shoppers. In June last year, TMRW backed men’s apparel brand WROGN, investing $15 million to acquire a 16% stake and valuing the Bengaluru-based company at around $105 million.
The company plans to integrate ServiceNow’s AI tools to improve speed-to-market, build focused product assortments, and enhance consumer experiences across its online and offline channels.
TMRW was set up by Aditya Birla Fashion & Retail (ABFRL) three years ago with the goal of acquiring and incubating 30 brands in this space.
ABFRL reported revenue of Rs 1,831 crore for the June quarter with a net loss of Rs 234 crore. TMRW's revenue grew 38% to Rs 197 crore during the quarter while its EBITDA loss also grew 37% YoY to Rs 63 crore.