Men’s apparel brand WROGN has raised approximately ₹75 crore (around $9 million) in a fresh round of funding from Aditya Birla Digital Fashion Ventures Ltd (ABDFVL). This investment boosts ABDFVL’s stake in the direct-to-consumer (D2C) fashion brand from 17.10% to 32.84% on a fully diluted basis, according to a stock exchange filing.
Strategic Investments Fuel Growth
Earlier in June 2023, WROGN secured an additional ₹125 crore ($15 million) from TMRW House of Brands, a part of the Aditya Birla Group. This investment increased TMRW’s stake in WROGN to 16%, pushing the valuation of the Bengaluru-based brand to around $105 million. The cumulative investment showcases the confidence in WROGN’s growth potential and its impact on India’s fashion market.
WROGN’s Rise in India’s Fashion Landscape
Founded in 2014 by siblings Anjana and Vikram Reddy, WROGN has rapidly become a key player in the casualwear space, offering a wide range of men’s apparel, footwear, and accessories. Partnering with cricketer Virat Kohli as the face of the brand has helped WROGN gain significant traction, expanding its presence through exclusive brand outlets and major e-commerce platforms.
With strong backing from investors such as Accel, Flipkart, and even icons like Sachin Tendulkar, WROGN has raised a total of approximately $90 million to date. In November 2020, Flipkart made an undisclosed investment in WROGN’s Series F round, signaling strong support from one of India’s leading e-commerce platforms.
WROGN’s Financial Performance
Despite the investments, WROGN faced challenges in FY24. The brand’s revenue from operations fell by 29.2% to ₹243.75 crore, down from ₹344.3 crore in FY23. Meanwhile, WROGN’s losses surged by 28.2%, reaching ₹56.76 crore due to reduced sales and market challenges.
India’s Booming Fashion Sector
According to a report by TMRW X Bain & Company, India’s fashion and lifestyle sector is valued at $110 billion, making it the country’s second-largest consumer category. Online sales account for 10% of the market, contributing around $11 billion in revenue, a trend that WROGN is well-positioned to capitalize on.
Looking Ahead
With fresh capital and a strategic partnership with Aditya Birla Group, WROGN is primed for further expansion in the dynamic Indian fashion landscape. The brand aims to leverage these funds to strengthen its online and offline presence, broaden its product offerings, and compete in the fast-growing D2C fashion sector.
