Aditya Birla’s TMRW invests $15 Mn in Virat Kohli-backed WROGN
Summary
With this investment, TMRWs portfolio now consists of eight Indian fashion brands.TRMW has acquired 16% stake in WROGN, valuing the Bengaluru-based company at around $105 million.Apart from strengthening its position on fashion platforms like Myntra, this partnership will help expand its offline footprint and scaling up the D2C business, WROGN said in a press release. The firm aims to become the leading brand in the mens casual and activewear category with a path to Rs 1.500 crore revenue in the next 5 years.Founded in 2014 by brother-sister duo Anjana and Vikram Reddy, WROGN is a notable brand in the casual wear space. Leveraging cricketer Virat Kohlis influence, the brand has rapidly expanded its presence through exclusive brand outlets and strategic partnerships with leading e-commerce marketplaces.WROGN has raised around $90 million from the likes of Accel, Flipkart, Kohli, and Sachin Tendulkar since its inception in 2014. The e-commerce major is also an investor in Hrithik Roshans HRX which competes with WROGN.WRONG grew at a rapid pace in the last few fiscal years but its growth remained flat in FY23. The online fashion market overall is expected to grow to approximately $35 billion by financial year FY28 at a 25% CAGR.Previously, TMRW had invested in brands like The Indian Garage Co., Bewakoof, Nauti Nati, Juneberry, Urnabo, Veirdo, and Nobero.