Virat Kohli-backed fashion brand WROGN has raised about INR 75 Cr in funding from Aditya Birla Digital Fashion Ventures Ltd (ABDFVL).
With this, ABDFVL has increased its stake in the D2C fashion brand to 32.84% on a fully diluted basis from existing 17.10%.
“… ABDFVL, a wholly owned subsidiary of the Company, has infused ~ INR 75 Cr 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,” Aditya Birla Fashion and Retail said in an exchange filing.
It added that the infusion is in continuation of its earlier investment in the startup, which was contingent on “certain milestone-based valuations”.
In June, Aditya Birla Group’s fashion and lifestyle arm , WROGN’s parent, for INR 125 Cr in an all-cash deal. At the time, the conglomerate said that the minority investment came with an option for a majority stake acquisition later in the company.
As such, the latest investment also likely originated from the conglomerate’s fashion and lifestyle arm TMRW.
As per the filing, the digital fashion venture will now own 12,225 compulsory convertible preference shares (CCPS), constituting 32.84% stake in WROGN.
The investment will enable ABDFVL to expand its portfolio of digital-first brands.
Founded in 2014 by siblings Anjana Reddy and Vikram Reddy, WROGN is a D2C omnichannel men’s fashion brand, which sells a wide range of casual wear, footwear and accessories.
in the financial year 2023-24 (FY24) from INR 344.3 Cr in the previous fiscal year. Meanwhile, the D2C brand’s net loss rose 28% to INR 56.8 Cr during the year under review from INR 44.3 Cr in FY23.
In June 2024, WROGN said that it was targeting sales worth INR 1,500 Cr in the next five years.
Meanwhile, the investment is in line with the Aditya Birla Group’s strategy to scale up its “house of brands” strategy. Its umbrella brand TMRW owns majority stakes in seven D2C fashion brands since its inception in 2022 for a total investment of INR 444 Cr, including brands such as The Indian Garage Co., Bewakoof, Nauti Nati, Juneberry, Urbano, Veirdo, and Nobero.
The development comes at a time when the Indian D2C space continues to see healthy interest from investors despite the ongoing funding winter. Last month, fashion startup led by Prath Ventures.
In August, women’s fashion and apparel brand . Prior to that in July, GenZ-focussed fashion startup led by venture capital firm Accel.
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