Men’s fashion brand WROGN has raised Rs 75 crore (approximately $9 million) in fresh funding from Aditya Birla Digital Fashion Ventures Ltd (ABDFVL), increasing ABDFVL’s stake in the brand from 17.10% to 32.84%, as disclosed in a stock exchange filing.
Earlier in June 2024, WROGN secured Rs 125 crore ($15 million) from TMRW House of Brands, a subsidiary of Aditya Birla Group, leading to TMRW holding a 16% stake in the company. This round of investment pushed WROGN’s valuation to approximately $105 million.
Aditya Birla Group’s TMRW division has been actively backing Indian fashion brands, including The Indian Garage Co., casualwear brand Bewakoof, athleisure label Nobero, children’s brand Nauti Nati, and denim brand Urbano, among others.
Founded in 2014 by siblings Anjana and Vikram Reddy, WROGN has become a prominent player in the casual fashion segment, offering a variety of apparel, footwear, and accessories. The brand has successfully leveraged the popularity of cricket icon Virat Kohli to expand its footprint across exclusive retail outlets and popular e-commerce platforms.
To date, WROGN has raised nearly $90 million from key investors such as Accel, Flipkart, and celebrity backers Virat Kohli and Sachin Tendulkar. Flipkart also previously invested in WROGN during a Series F round in November 2020. Interestingly, Flipkart is also a stakeholder in HRX, Hrithik Roshan’s brand, which directly competes with WROGN.
However, WROGN has faced challenges, with its revenue dropping by 29.2% to Rs 243.75 crore in FY24, down from Rs 344.3 crore in FY23. Despite cost-saving measures, losses increased by 28.2%, reaching Rs 56.76 crore in FY24 compared to Rs 44.26 crore in the previous fiscal year, largely due to declining sales.
The Indian fashion and lifestyle sector, valued at $110 billion, is the country’s second-largest consumer category, according to a report by TMRW X Bain & Company. Online sales account for $11 billion, which represents 10% of the market.