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Virat Kohli-backed WROGN faces another tough year with rising losses

EntrackrEntrackr · 4d ago
Virat Kohli-backed WROGN faces another tough year with rising losses
Medial

Virat Kohli-backed fashion brand WROGN’s parent company has witnessed another challenging year, with revenue declining and losses mounting further. WROGN’s revenue from operations slipped 9% to Rs 223 crore in FY25 from Rs 245 crore in FY24, according to its annual financial statements filed with the Registrar of Companies. For context, the company had already seen a steep 29% revenue drop in FY24. Founded in 2014 by the brother-sister duo Anjana and Vikram Reddy, WROGN operates in the lifestyle and fashion space, dealing in apparel, footwear, and accessories. Sales of these products remain the firm’s primary source of revenue. The company booked Rs 9 crore as other income from interest on deposits and gains on financial assets, taking its total revenue to Rs 232 crore in FY25, down from Rs 266 crore in FY24. For the fashion brand, procurement of materials accounted for 40% of the total expenditure, amounting to Rs 126 crore in FY25. Employee benefit expenses rose to Rs 39 crore, while the company also ramped up spending on advertising and promotions, which surged 63% year-on-year despite the revenue dip. Overall, WROGN’s total expenses swelled to Rs 313 crore during FY25. The increase in employee and marketing spends pushed the company deeper into losses. Net losses rose by 31.6% to Rs 75 crore in FY25, compared to Rs 57 crore in FY24. As of March 2025, the company’s accumulated losses stood at a staggering Rs 709 crore. Key financial ratios also remained under pressure, with ROCE at -70% and EBITDA margin at -27.5% for FY25. In June 2024, WROGN secured Rs 125 crore (about $15 million) from TMRW House of Brands, part of the Aditya Birla Group, and raised another $9 million in October. With this infusion, the company has raised over $90 million since its inception. WROGN’s sluggish performance also comes at a time when newer fashion labels like Snitch, Bewakoof, The Pant Project, and Rare Rabbit are rapidly scaling and eating into market share. Unlike WROGN, which has largely relied on Virat Kohli’s brand pull, these online-first challengers are leveraging faster design cycles, sharper pricing, and aggressive social media playbooks to win over Gen Z and millennial shoppers. The rise of these brands underlines how quickly consumer preferences are shifting in the mass-premium fashion segment, leaving older players struggling to keep pace.

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WROGN raises $9 Mn from Aditya Birla Digital Fashion

EntrackrEntrackr · 11m 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.

Virat Kohli-backed WROGN’s revenue dips 29% in FY24

EntrackrEntrackr · 1y ago
Virat Kohli-backed WROGN’s revenue dips 29% in FY24
Medial

Virat Kohli-backed men’s apparel brand WROGN’s parent company has been struggling to grow, as the company’s revenue dropped by over 29% in the fiscal year ending March 2024. At the same time, the firm’s losses surged by 28.2%, nearing the Rs 57 crore mark during the same period. WROGN’s revenue from operations dwindled 29.2% to Rs 243.75 crore during FY24 as compared to Rs 344.3 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. For background, WROGN reported a flat scale in FY23. The firm also generated Rs 21 crore from interest and gain on financial assets which took its overall revenue to Rs 264.8 crore in FY24. Founded in 2014 by brother-sister duo Anjana and Vikram Reddy, WROGN is engaged in the business of trading outdoor products such as apparel, footwear, and accessories among others. Leveraging Kohli’s influence, the brand has rapidly expanded its presence through exclusive brand outlets and strategic partnerships with marketplaces. On the expenses front, cost of materials formed 53.6% of the total expenses. This cost slid 29% and stood at Rs 163.91 crore in FY24. Employee benefits expenses also saw a dip by 7.5% to Rs 32.26 crore during the same period. Significantly, the employee cost also includes ESOP expenses worth Rs 1.96 crore. Commission paid to the selling agents was down by 28% in FY24 at Rs 30.83 crore while other expenses such as advertising promotions and legal & professional fees also shrank significantly. In total, the overall expenditure of the company went down by 24.7% to Rs 305.56 crore during FY24 from Rs 405.6 crore in the previous fiscal year. For the complete expense breakdown, head to TheKredible. WROGN tried to cover up its losses by taking cost-cutting measures but due to the sharp fall in collection, its losses increased by 28.2% to Rs 56.76 crore during the year against Rs 44.26 crore in FY23. Its operating cash outflows, however, improved by over 63% to Rs 5.23 crore during the year. Its outstanding swelled to Rs 636.58 crore as of FY24. As per TheKredible, the firm’s EBITDA margin and ROCE stood at -6.04% and -72.07%, respectively. On a unit level, WROGN spent Rs 1.25 to earn a rupee of operating revenue during FY24. FY23-FY24 FY23 FY24 EBITDA Margin -4.42% -6.04% Expense/₹ of Op Revenue ₹1.18 ₹1.25 ROCE -25.49% -72.07% Aditya Birla’s TMRW recently picked up a 16% stake in WROGN at a $105 million valuation by pouring in Rs 125 crore or $15 million. It’s worth noting that Aditya Birla also acquired a similar brand Bewakoof in December 2022. 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. According to TheKredible’s D2C report, fashion (apparel, jewelry, footwear, eyewear, and accessories) is the largest category attracting a large set of consumers. India’s fashion industry is booming, with the potential to reach $43.2 billion by 2025. But seeing how anaemic or even negative the numbers have been for most, one can only marvel at the outlier that a Zudio has been over the last two years with its triple-digit growth. Of course, the broader slowdown in the category has been blamed on multiple possible factors, including a craze for investment in the stock markets directly or indirectly. Or perhaps the prioritisation of getting an iPhone over other branded products, considering the rise in iPhone sales in India. Either way, WROGN’s numbers indicate a problem it has acknowledged for some time now, and is making efforts to manage. The challenge it faces is as tough as any pitch Kohli has played on, one suspects.

Virat Kohli acquires 1.94% in Agilitas Sports; Abhishek Sharma joins as investor

EntrackrEntrackr · 3m ago
Virat Kohli acquires 1.94% in Agilitas Sports; Abhishek Sharma joins as investor
Medial

Virat Kohli acquires 1.94% in Agilitas Sports; Abhishek Sharma joins as investor Indian cricketing icon Virat Kohli has invested Rs 40 crore (approximately $4.7 million) in Agilitas Sports, a sporting goods manufacturing company, as part of the first tranche of what is reportedly a larger funding round. This investment adds to Kohli’s growing startup portfolio, which already includes ventures like Rage Coffee, Digit Insurance, Mobile Premier League (MPL), and Wrogn, among several others. The board of Agilitas Sports allotted 3,61,611 class 2 CCPS at an issue price of Rs 1,106 each to raise the aforementioned amount, its regulatory filing accessed from Registrar of Companies (RoC) shows. In addition to this, the firm is also raising Rs 3 crore from SMLINE Ventures and Indian cricketer Abhishek Sharma, another filing shows. According to Entrackr’s estimates, the Bengaluru-based firm has been valued at Rs 2,058 crore (approximately $242 million) post money. Agilitas Sports has so far raised over Rs 600 crore to date, including a strategic investment of Rs 15 crore from Spring Marketing Capital in September last year. Following the latest infusion, Mauritius-based Infinity Direct Holdings has emerged as the largest shareholder in the company with a 37.73% stake, followed by Co-founder and CEO Abhishek Ganguly, who holds an 18.26% stake. Nexus Venture Partners owns 9.16%, while cricketers Virat Kohli and Yuvraj Singh hold 1.94% and 0.51% stakes, respectively. Founded in 2023 by ex-Puma India head Ganguly, Agilitas Sports follows an integrated model, combining manufacturing, brand licensing, and retail. It recently acquired Mochiko Shoes, which makes footwear for brands like Adidas and Puma. Agilitas is also building its own brands, including Lotto in India and Australia, and plans to expand through retail and a strong “Make in India” focus. Virat Kohli recently ended his Rs 110 crore endorsement deal with Puma India which began in 2017 and was reportedly valued at Rs 300 crore at the time of exit in 2025, to join Agilitas Sports. He is expected to not only serve as the brand ambassador but also play a role in the company’s business decisions.

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