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WROGN raises $9 Mn from Aditya Birla Digital Fashion

EntrackrEntrackr · 1y ago
WROGN raises $9 Mn from Aditya Birla Digital Fashion
Medial

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.

WROGN and Bewakoof backer TMRW to raise $50 Mn from ServiceNow Ventures

EntrackrEntrackr · 5m ago
WROGN and Bewakoof backer TMRW to raise $50 Mn from ServiceNow Ventures
Medial

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 includes 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.

The Indian Garage Co doubles revenue to Rs 204 Cr in FY25; slips into losses

EntrackrEntrackr · 2d ago
The Indian Garage Co doubles revenue to Rs 204 Cr in FY25; slips into losses
Medial

The Indian Garage Co doubles revenue to Rs 204 Cr in FY25; slips into losses The Indian Garage Co, a Bengaluru-based men’s apparel brand, has doubled its scale in the last fiscal year ending March 31, 2025. However, in order to achieve scale, the company lost its profitability as expenses seconded revenue growth. The company’s operating revenue doubled to Rs 204 crore in FY25 from Rs 101.5 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). The Indian Garage Co is a D2C firm that designs, manufactures, and sells men’s apparel under its in-house brands, catering to the mass-premium segment. Revenue from the sale of its products was the sole source of income for the company. The company’s total income increased to Rs 207 crore in FY25 from Rs 103 crore a year earlier. On the spending side, the cost of material remained the largest expense, accounting for nearly 44% of total expenditure. This cost surged 142% to Rs 104 crore in FY25 from Rs 43 crore in FY24. Job work charges increased 193% to Rs 41 crore, while employee benefit expenses jumped 240% to Rs 17 crore during the year. Depreciation expenses grew threefold to Rs 18 crore, and transportation and distribution costs rose 38.5% to Rs 18 crore. Other overheads added another Rs 39.5 crore to the cost. Overall, total expenses surged 147% to Rs 237.5 crore in FY25 from Rs 96 crore in FY24. With expenses growing faster than revenue, The Indian Garage Co posted a loss of Rs 23 crore in FY25, as compared to a profit of Rs 5 crore in FY24. Its ROCE and EBITDA margin stood at -10.44% and -6.37% respectively. On a unit basis, the company spent Rs 1.16 to earn a Rupee of operating revenue in FY25. The Indian Garage Co reported cash and bank balances of an alarming Rs 3 lakh at the end of FY25, significantly lower than Rs 2.5 crore in FY24. Its current assets stood at Rs 32 crore in the same period. According to Thekredible, The Indian Garage Co has raised a total of $17 million of funding till date, having Aditya Birla Group as its lead investor. The company’s Founder & CEO, Anant Tanted owns 32.34% of the company.

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