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

EntrackrEntrackr ยท 1m 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 investorโ€™s artificial intelligence platform to enhance operations and customer experience. Launched in mid-2022, TMRWโ€™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 menโ€™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 ServiceNowโ€™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 ยท 11m ago
WROGN raises $9 Mn from Aditya Birla Digital Fashion
Medial

Menโ€™s apparel brand WROGN has raised approximately Rs 75 crore (approximately $9 million) in funding from Aditya Birla Digital Fashion Ventures Ltd (ABDFVL), increasing ABDFVLโ€™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 Groupโ€™s TMRW has now backed eight Indian fashion brands, including menโ€™s casualwear brand The Indian Garage Co, casualwear Bewakoof, athleisure brand Nobero, childrenโ€™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 Kohliโ€™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 WROGNโ€™s Series F round. Flipkart is also an investor in Hrithik Roshanโ€™s HRX, which competes with WROGN. WROGNโ€™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 Indiaโ€™s second-largest consumer category, valued at $110 billion, with online sales accounting for around $11 billion, or 10% of the market.

8i Ventures launches $10 Mn seed program 'Origami'

EntrackrEntrackr ยท 1y ago
8i Ventures launches $10 Mn seed program 'Origami'
Medial

Venture capital fund 8i Ventures today announced the launch of โ€˜Origamiโ€™, a seed funding program aimed at supporting early stage founders. Through this seed program, 8i Ventures targets those businesses in the pre-seed to early revenue stage, prioritizing โ€˜speedโ€™ as its hallmark feature. As per the fund, the new program will ensure a streamlined process with a response within one week, a term sheet in two weeks, and deal closure in just four weeks, facilitating fundraise for founders without delays or distractions. Founded in 2019 by Vikram Chachra & Vishwanath V, the company is committed to nurturing the next generation of business leaders. By investing between $250K to $2 million in pre-seed to early revenue phase startups, 8i Ventures seeks to accelerate startup growth across industries. 8i Ventures is an early backer of companies such as Slice, M2P, Easebuzz, Transbnk, BharatX and Blue Tokai, among others. Vikram Chachra said the the firm aims to invest in 8-10 startups this year, and if this initiative is well-received, it may double its allocation to $20 million. During the funding winter (November 2022), 8i Ventures announced the first close of its $50 million second fund by raising $25 million. The firm has alloted $10 million from Fund II, to launch this initiative.

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