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 firm said in a stock exchange filing.
On June 19, ET reported that TMRW House of Brands, an ecommerce rollup venture owned by Aditya Birla Group Venture, had invested Rs 125 crore in Wrogn.
According to the firm, the investment aims to expand ABDFVL’s portfolio of digital-first brands. “This infusion is in continuation of its earlier investment on certain milestone based valuations,” it added.
Founded in 2014 by Anjana and Vikram Reddy, the startup targets men aged 18-30, offering casual clothing, footwear and accessories known for their bold prints, vibrant colours and streetwear influences. It operates through both online and offline retail channels.
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.
The venture will own 12,225 compulsory convertible preference shares (CCPS), constituting a 32.84% stake in Wrogn on a fully diluted basis, as per the filing.
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.
Many fashion startups have raised funds in recent months.
On August 13, ethnic wear brand Fashor raised $5 million in a funding round from early-stage venture capital firm Blume Ventures in a mix of primary and secondary transactions.
In June, ET reported that The Pant Project, a fashion brand specialising in custom-made and ready-to-wear pants, raised $4.25 million in its maiden funding round led by Sorin Investments.
In May, ET reported citing sources that men’s apparel and fashion brand Rare Rabbit was closing its maiden institutional funding round of Rs 500 crore led by investment fund A91 Partners.
