Aditya Birla Digital Fashion Ventures Ltd, a subsidiary of Aditya Birla Fashion and Retail Ltd, has invested Rs 75 crore in Wrogn, the men’s wear brand supported 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.
TMRW House of Brands, an e-commerce venture of Aditya Birla Group, previously 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, Wrogn targets men aged 18-30 with casual clothing, footwear, and accessories featuring bold prints, bright colors, and streetwear styles. The brand operates through both online and offline channels.
Wrogn’s revenue dropped by 29% to Rs 243 crore in the fiscal year ending March 31, 2024, compared to Rs 344 crore the previous year.
According to the filing, the investment will give the venture 12,225 compulsory convertible preference shares (CCPS), representing a 32.84% stake in Wrogn on a fully diluted basis.
TMRW has invested in eight Indian fashion brands, including The Indian Garage Co, Bewakoof, Nobero, Nauti Nati, Urbano, JuneBerry, and Veirdo.
Several fashion startups have raised funds recently. Ethnic wear brand Fashor secured $5 million in a funding round led by Blume Ventures through primary and secondary transactions.
The Pant Project, a brand specializing in custom-made and ready-to-wear pants, raised $4.25 million in its first funding round, led by Sorin Investments.
Men’s fashion brand Rare Rabbit is finalizing its first institutional funding round of Rs 500 crore, led by A91 Partners.