Founded in 2014 by Anjana and Vikram Reddy, Wrogn saw its revenue decline 29 percent to Rs 243 crore in the last fiscal year ended March 31, 2024, compared to Rs 344 in the previous year.
New Delhi: In a big strategic move ahead of the festive season, Aditya Birla Digital Fashion Ventures Ltd, a wholly owned subsidiary of Aditya Birla Fashion and Retail Ltd, has invested Rs 75 crore in Wrogn, the men’s wear brand backed by Accel and cricketer Virat Kohli. “ABDFVL, a wholly owned subsidiary of the company, has infused Rs 75 crore of the final remaining portion of the stated primary investments into Wrogn, thereby increasing its shareholding in Wrogn, from existing 17.10% to 32.84% on a fully diluted basis,” the company said in the exchange filing.
The Economic Times in June reported that an e-commerce rollup venture owned by Aditya Birla Group Venture, TMRW House of Brands invested Rs 125 crore in Wrogn. The main idea behind this investment is to expand the ABDFVL’s portfolio of digital-first brands. “This infusion is in continuation of its earlier investment on certain milestone-based valuations,” it added.
Wrogn operates in both online and offline retail channels. The main target audience of the company is men aged 18-30 as they offer casual clothing, footwear and accessories known for their bold prints, vibrant colours and streetwear influences.
Wrogn and ABDFVL :
Founded in 2014 by Anjana and Vikram Reddy, Wrogn saw its revenue decline 29 percent to Rs 243 crore in the last fiscal year ended March 31, 2024, compared to Rs 344 in the previous year. As per the exchange filing, the venture will own 12,225 compulsory convertible preference shares (CCPS), constituting a 32.84 percent stake in Wrogn on a fully diluted basis.
TMRW has now backed eight Indian fashion brands that include men’s casualwear brand The Indian Garage Co, casual wear Bewakoof, athleisure Nobero, kid’s wear Nauti Nati, denim wear Urbano, casual wear brand JuneBerry and Veirdo.
On August 13, ethnic wear brand Fashor raised USD 5 million in a funding round from early-stage venture capital firm Blume Ventures in a mix of primary and secondary transactions.