According to a stock exchange filing, men's clothing brand WROGN has raised about Rs 75 crore (roughly $9 million) in capital from Aditya Birla Digital Fashion Ventures Ltd (ABDFVL), bringing ABDFVL's ownership in the D2C fashion brand from 17.10% to 32.84% on a fully diluted basis.
Previously, in June this year, WROGN received Rs 125 crore ($15 million) from TMRW House of Brands, an Aditya Birla Group subsidiary. TMRW acquired a 16% share in WROGN, valuing the Bengaluru-based brand at approximately USD 105 million.
Aditya Birla Group's TMRW has now supported eight Indian fashion firms, including men's casualwear brand The Indian Garage Co, Casualwear Bewakoof, athleisure brand Nobero, children's brand Nauti Nati, denim label Urbano, and casualwear labels JuneBerry and Veirdo.
WROGN, founded in 2014 by twins Anjana and Vikram Reddy, is a prominent casual wear brand that offers a diverse selection of garments, footwear, and accessories. Using cricketer Virat Kohli's influence, the brand has grown its reach through exclusive brand outlets and partnerships with major e-commerce platforms.
Since its founding, WROGN has raised almost $90 million from investors including Accel, Flipkart, Virat Kohli, and Sachin Tendulkar. In November 2020, Flipkart made an undisclosed investment in WROGN's Series F financing. Flipkart has also invested in Hrithik Roshan's HRX, which competes with WROGN.
WROGN's operational revenue fell by 29.2% to Rs 243.75 crore in FY24, from Rs 344.3 crore in FY23. Despite cost-cutting initiatives, the Virat Kohli-backed brand's losses increased by 28.2%, to Rs 56.76 crore from Rs 44.26 crore in FY23, owing to a steep drop in sales.
According to a recent TMRW X Bain & Company analysis, the fashion and leisure industry is India's second-largest consumer category, worth USD 110 billion, with online sales accounting for approximately $11 billion, or 10% of the total market.
