Men’s apparel brand WROGN has secured ₹125 crore ($15 million) in funding from TMRW, Aditya Birla Group’s House of Brands. This investment adds WROGN to TMRW’s portfolio, which now features eight Indian fashion brands.
TMRW has acquired a 16% stake in WROGN, valuing the Bengaluru-based company at approximately $105 million. This strategic partnership aims to bolster WROGN’s presence on fashion platforms like Myntra, expand its offline footprint, and scale up its direct-to-consumer (D2C) business. The brand aspires to lead the men’s casual and activewear market, targeting ₹1,500 crore in revenue over the next five years.
Founded in 2014 by siblings Anjana and Vikram Reddy, WROGN has become a prominent name in the casual wear sector. The brand offers a wide range of casual wear, footwear, and accessories, leveraging cricketer Virat Kohli’s star power. WROGN has expanded rapidly through exclusive brand outlets and strategic e-commerce partnerships.
Since its inception, WROGN has raised around $90 million from investors including Accel, Flipkart, Virat Kohli, and Sachin Tendulkar. In November 2020, Flipkart invested an undisclosed amount in WROGN’s Series F round. Flipkart is also an investor in Hrithik Roshan’s HRX, a direct competitor to WROGN.
Despite rapid growth in recent fiscal years, WROGN’s growth plateaued in FY23. The company’s revenue increased by only 2.3%, reaching ₹344 crore in FY23 compared to ₹336 crore in FY22. However, losses surged by 33%, amounting to ₹44.26 crore in FY23 from ₹33.63 crore the previous year. The company has yet to file its annual report for FY24.
A recent report by TMRW X Bain & Company highlighted that the fashion and lifestyle sector is India’s second-largest consumer category, valued at $110 billion, with the online segment constituting $11 billion. The online fashion market is projected to grow to approximately $35 billion by FY28 at a compound annual growth rate (CAGR) of 25%.
Previously, TMRW has invested in several brands, including The Indian Garage Co., Bewakoof, Nauti Nati, Juneberry, Urnabo, Veirdo, and Nobero. This latest investment in WROGN underscores TMRW’s commitment to strengthening its portfolio and supporting the growth of promising Indian fashion brands.
