Aditya Birla Group’s TMRW House of Brands Invests Rs 125 Crore in Men’s Wear Brand Wrogn

Mumbai, June 19, 2024 ,TMRW House of Brands, an ecommerce rollup venture owned by the Aditya Birla Group, has announced a significant investment of Rs 125 crore in Wrogn, the men's wear brand co-founded by Accel and cricket star Virat Kohli. This investment aims to bolster Wrogn’s omnichannel expansion by enhancing its physical retail presence and strengthening its direct-to-consumer (D2C) business.

Founded in 2014 by Anjana and Vikram Reddy, Wrogn targets men aged 18-30 with its bold, vibrant, and streetwear-influenced casual clothing, footwear, and accessories. The brand plans to utilize the funds to accelerate its growth trajectory and expand its footprint in both online and offline retail channels. 

In a statement on Wednesday, Wrogn outlined its ambitious goal to achieve Rs 1,500 crore in revenue over the next five years, building on its current momentum of Rs 300 crore revenue in the fiscal year ending March 31, 2024.

The investment in Wrogn aligns with the broader trend in the Indian D2C brand market, which is projected to exceed $61 billion by fiscal 2027. This growth is driven by increased brand targeting, hyper-personalization, heightened competition, and rising per capita earnings. According to a recent joint report by market intelligence firm 1Lattice and venture firm Sorin Investments, the largest categories in the Indian D2C market are grocery (39%), fashion (27%), and beauty and personal care (13%), with these shares expected to remain stable as the market expands.

Since its inception in June 2022, TMRW House of Brands has aimed to acquire and incubate 30 brands within three years. With the investment in Wrogn, TMRW has now backed eight Indian fashion brands, including The Indian Garage Co, Bewakoof, Nobero, Nauti Nati, Urbano, JuneBerry, and Veirdo.

“Over the years, Wrogn has carved a leadership position for itself with excellent product-market fit and disruptive brand building,” said Prashanth Aluru, TMRW’s chief executive and co-founder. 

The fashion startup ecosystem has witnessed significant investment activities in recent months. On Wednesday, The Pant Project, a fashion brand specializing in custom-made and ready-to-wear pants, raised $4.25 million in its maiden funding round led by Sorin Investments.

In May, sources reported 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. Earlier, on April 26, former Zomato senior executive Mohit Gupta and Myntra founder Mukesh Bansal secured $26 million for their omnichannel fashion startup, Lyskraft, in a round led by Peak XV Partners.

This substantial investment in Wrogn underscores TMRW House of Brands’ commitment to nurturing and scaling innovative fashion brands in the dynamic Indian market, positioning them for long-term success and market leadership.