Founded in 2014 by Anjana and Vikram Reddy, Wrogn saw its revenue decline 29% to Rs 243 crore in the last fiscal year ended March 31, 2024, compared to Rs 344 in the previous year.
Aditya Birla Digital Fashion Ventures Ltd has decided to invest Rs 75 crore in Wrogn, the men’s wear brand backed by Accel and cricketer Virat Kohli ahead of the festive season. The Aditya Birla Digital Fashion Ventures Ltd is fully owned subsidiary of Aditya Birla Fashion and Retail Ltd.
In a stock exchange filing, the company has said, “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.”
To recall, on June 19, ET reported that an e-commerce rollup venture owned by Aditya Birla Group Venture, TMRW House of Brands invested Rs 125 crore in Wrogn.
The moot idea of the 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.
The brand which operates in both online and offline retail channels, targets men aged 18-30, offering casual clothing, footwear and accessories known for their bold prints, vibrant colours and streetwear influences.
Founded in 2014 by Anjana and Vikram Reddy, Wrogn saw its revenue decline 29% 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% 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.