Aditya Birla Group’s fashion and lifestyle venture, TMRW, has deepened its investment in Universal Sportsbiz Pvt. Ltd (USPL), the parent company of Wrogn, backed by Accel and Virat Kohli.
“In continuation of the information disclosed in the Stock Exchange intimation dated June 19, 2024, please be informed that Aditya Birla Digital Fashion Ventures Limited (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 company said in a stock exchange filing.
This recent capital injection is part of TMRW’s strategic expansion plan, as outlined in its stock exchange filing on October 2024.
The acquisition forms part of TMRW’s broader vision to enhance its portfolio within India’s booming fashion market. The increased stake also offers TMRW a clear path to a majority acquisition in the future. This move is seen as a step to capitalise on Wrogn’s growth potential, particularly in expanding its offline retail presence and scaling its direct-to-consumer (D2C) business.
Founded in 2012, Wrogn operates in the fashion apparel, footwear, and accessories industry, offering a range of products both online and offline. Over the last three financial years, Wrogn has demonstrated a steady revenue trajectory: Rs 336 crore in FY22, Rs 344 crore in FY23, and Rs 243 crore in FY24.
The latest investment is part of a milestone-based valuation approach, with TMRW providing capital to support Wrogn’s next growth phase, aiming to turn the brand into a Rs 1,500 crore entity over the next five years.
