TMRW invests in Accel-backed Wrogn to expand house of brands
Advertisement

TMRW invests in Accel-backed Wrogn to expand house of brands

By Malvika Maloo

  • 19 Jun 2024
TMRW invests in Accel-backed Wrogn to expand house of brands
Credit: Wrogn website

Aditya Birla Group's house of apparel brands TMRW has said it is investing Rs 125 crore (around $15 million as per current rates) for 16% stake in fashion brand Wrogn, as it expands its portfolio of digital-focused brands. 

The deal values Wrogn at about Rs 780 crore currently, with an option to buy a majority stake based on certain milestones.

JM Financial Limited acted as exclusive financial adviser to Universal Sportsbiz, which operates Wrogn, and selling shareholders on this transaction.

Advertisement

TMRW, which has a focus on fashion and lifestyle, was launched in 2022  in line with the AB Group’s strategy to launch and back new-age digital ventures. It aims to craft a house of brands investing in companies that are born online and draw a large part of their sales via the internet., exceeding the $1 billion benchmark, within the next 5–7 years. 

Its current portfolio includes firm’s like The Indian Garage Co, Berrylush, Natilene, Juneberry, Nauti Nati, Nobero, Urbano, Veirdo and most notably, Bewakoof.

Wrogn, which is backed by the cricketer Virat Kohli, Walmart-owned Flipkart and venture capital firm Accel Partners, was set up by the brother-sister duo of Anjana and Vikram Reddy. The company sells apparel, footwear and accessories through online and offline channels, targeting men aged 18 to 30. 

Advertisement

“Over the years Wrogn has carved a leadership position for itself with excellent product-market fit along with disruptive brand building,” said Prashanth Aluru, chief executive and co-founder of TMRW. “With the deep category & brand building experience as well as tech-led scaling path that TMRW brings, we are confident that we will be able elevate Wrogn to an iconic status!”

Reddy, a member of the business family that once controlled media firm Deccan Chronicle Holdings Ltd., started Universal Sportsbiz, the parent company of Wrogn in 2012. Its brands also include Imara, Ms. Taken and Single. Apart from Kohli, the firm’s brands are also backed by actors such as Shraddha Kapoor, Ranbir Kapoor, Kriti Sanon among others.

In FY23, the company reported a sales of Rs 344 crore, compared to Rs 336 crore in FY22. It is targeting to become a Rs 1,500 crore brand in the next five years.

Advertisement

Share article on

Advertisement
Advertisement
Google News Icon

Google News

Follow VCCircle on Google News for the latest updates on Business and Startup News