“ABDFVL, a wholly owned subsidiary of the company, has infused Rs 75 crore of the last remaining portion of declared primary investments in Wrogn, thereby increasing its stake in Wrogn, from the existing 17.10% to 32.84% over a completely diluted base”. the firm said in a stock exchange filing.
On June 19, ET reported that TMRW House of Brands, an accretive e-commerce company owned by Aditya Birla Group Venture, had invested Rs 125 crore in Wrogn.
According to the firm, the investment aims to expand ABDFVL’s digital brand portfolio. “This infusion is a continuation of their previous investment in certain milestone-based valuations,” he added.
Founded in 2014 by Anjana and Vikram Reddy, the startup targets men between the ages of 18 and 30 and offers casual clothing, footwear and accessories known for their bold prints, vibrant colors and streetwear influences. It operates through both online and offline retail channels.
Wrogn saw its revenue decline 29% to Rs 243 million in the last fiscal year ending March 31, 2024, compared to Rs 344 million a year earlier.
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The company will hold 12,225 mandatory convertible preferred shares (CCPS), which will constitute a 32.84% stake in Wrogn on a fully diluted basis, according to the filing. TMRW has now endorsed eight Indian fashion brands including men’s casual wear brand The Indian Garage Co, casual wear wear Bewakoof, athleisure Nobero, kids wear Nauti Nati, denim wear Urbano, casual wear brand JuneBerry and Veirdo.
Many fashion startups have raised funds in recent months.
August 13 Ethnic clothing brand Fashor raised $5 million in a funding round. from early-stage venture capital firm Blume Ventures in a combination of primary and secondary transactions.
In June, ET reported that The Pant Project, a fashion brand specializing in tailored and ready-to-wear pants, raised $4.25 million in its first round of funding led by Sorin Investments.
In May, ET reported, citing sources, that the men’s clothing and fashion brand Rare Rabbit was closing its first institutional funding round of Rs 500 crore. led by the investment fund A91 Partners.
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