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

EntrackrEntrackr · 2m 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.

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

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

Venture capital fund 8i Ventures today announced the launch of ‘Origami’, 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 ‘speed’ 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.

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

EntrackrEntrackr · 1m 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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