Birla Digital Fashion Backs Wrogn with Rs 75 Crore

17 Oct 2024 , 01:07 PM

Aditya Birla Digital Fashion Ventures Ltd, a subsidiary of Aditya Birla Fashion and Retail Ltd, has invested Rs 75 crore in Wrogn, a men’s apparel business founded 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,” according to a securities exchange filing.

According to the company, the investment intends to broaden ABDFVL’s portfolio of digital-first companies. “This infusion is in continuation of its earlier investment on certain milestone based valuations,” it explained.

Anjana and Vikram Reddy founded the firm in 2014, and it targets guys aged 18 to 30, offering casual apparel, footwear, and accessories with bright designs, vibrant colours, and streetwear influences. It sells through both online and physical retail channels.

Wrogn’s revenue fell 29% to Rs 243 crore in the fiscal year ending March 31, 2024, compared to Rs 344 the previous year.

According to the filing, the partnership will possess 12,225 compulsory convertible preference shares (CCPS), accounting for 32.84% of Wrogn’s fully diluted equity.

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