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WROGN raises $9 million from Aditya Birla Digital Fashion
Category: Funding News, Posted on: 20/10/2024
, Posted By:
Ishika Agarwal
Visitor Count:
1649
Founded in 2014 by Anjana and Vikram Reddy, WROGN is known for its casual apparel, footwear, and accessories, targeting young men aged 18-30.The brand has leveraged partnerships with e-commerce platforms and cricketer Virat Kohli’s influence to build a robust online and offline presence. Despite its growth, WROGN's revenue fell by 29% in the fiscal year ending March 31, 2024, from Rs 344 crore in FY23 to Rs 243 crore in FY24. The decline in revenue has also contributed to an increase in losses, which rose by 28%, reaching Rs 56.76 crore.
Men's apparel brand WROGN has secured an additional Rs 75 crore in funding from Aditya Birla Digital Fashion Ventures Ltd (ABDFVL), a subsidiary of Aditya Birla Fashion and Retail Ltd. This new investment raises ABDFVL’s ownership in WROGN from 17.10% to 32.84% on a fully diluted basis, according to the company’s stock exchange filing. The transaction, which is set to be completed within the next 30 to 90 days, is part of an ongoing series of investments based on certain milestones achieved by WROGN. In June 2024, WROGN received Rs 125 crore (around $15 million) from TMRW House of Brands, also an Aditya Birla Group company, which increased its stake to 16% at the time, valuing the brand at approximately $105 million. The investment in WROGN is part of a broader strategy by the Aditya Birla Group to enhance its digital and fashion brand portfolio. TMRW, the group’s digital-first fashion arm, has been actively investing in various Indian brands such as The Indian Garage Co, Bewakoof, Nobero, and others. These investments align with the company’s focus on building a diverse portfolio across different fashion segments, including casualwear, athleisure, children's wear, and denim. ABDFVL’s additional funding for WROGN represents its long-term plan to grow the brand’s market share, optimize its digital retail channels, and solidify its position in the competitive Indian fashion industry.
Disclaimer: The content of the blog does not create any responsibility of the firm / its authorized persons whose website is being accessed. The blog is not for legal use. Kindly verify the correctness of data/contents from your own sources. This is only for information purpose.
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