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

EntrackrEntrackr · 6m 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.

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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.

Bewakoof co-founder Prabhkiran Singh to step down after 14 years

EntrackrEntrackr · 2d ago
Bewakoof co-founder Prabhkiran Singh to step down after 14 years
Medial

url: https://entrackr.com/news/bewakoof-co-founder-prabhkiran-singh-to-step-down-after-14-years-11150421 Content: Prabhkiran Singh, co-founder of D2C fashion brand Bewakoof, has announced that he will step away from the company after 14 years. Singh said he will continue to lead the business until the end of March, after which he plans to focus on personal priorities. Founded in 2011 by Singh and Siddharth Munot, Bewakoof started as a bootstrapped venture and gradually scaled into a youth-focused online fashion and lifestyle brand. The company follows a direct-to-consumer (D2C) model, selling apparel, accessories and licensed merchandise primarily through its own website, while also leveraging online marketplaces to expand reach. Over the years, Bewakoof built a strong presence among Gen Z and millennial consumers with affordable, trend-driven products. In 2022, TMRW, the digital fashion arm of the Aditya Birla Group, acquired a majority stake in Bewakoof with an investment of Rs 200 crore. Since then, Bewakoof has been operating under TMRW as part of the group’s broader digital fashion portfolio. On the business front, Bewakoof was among the early D2C fashion brands in India to cross Rs 100 crore in annual revenue. According to Entrackr’s analysis, the company reported operating revenue of around Rs 173 crore in FY25. During the same period, Bewakoof reduced its losses by nearly 29% to about Rs 73 crore, supported by cost rationalisation and lower overall expenses. In terms of funding, Bewakoof has raised over Rs 270 crore across multiple rounds, with investors including InvestCorp, IvyCap Ventures and Spring Marketing Capital.

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