TMRW House of Brands Invests Rs 155 Crore in The Indian Garage Co.

• ByStartupStory     |    October 26, 2023

In a strategic move that signals a significant development in the fashion industry, The Indian Garage Co. (TGIC), a prominent fashion brand, has successfully secured an investment of Rs 155 crore (approximately $18.5 million) from TMRW House of Brands, a venture under the esteemed Aditya Birla Group. The announcement was made through a press release on October 25, showcasing the ambition and growth prospects of this collaboration.

The newly acquired funds will be instrumental in fueling TGIC’s expansion plans. These expansion initiatives include diversifying sales channels, with a particular focus on Direct-to-Consumer (D2C) platforms, as well as venturing into new product categories. Additionally, part of the investment will be channeled towards establishing physical retail stores, embracing the increasingly popular omnichannel strategy that has proven successful for several other D2C companies.

TGIC, renowned for its fashion offerings, reported an impressive revenue of Rs 300 crore in the fiscal year 2023, demonstrating its financial prowess. While specific profit margin figures were not disclosed, the company did mention that it maintains a “healthy double-digit profit margin.” Over the past three years, TGIC has achieved an astonishing 6-fold growth. This capital infusion is expected to provide the impetus needed to further amplify its growth trajectory.

Anant Tanted, the Founder of The Indian Garage Co., expressed his enthusiasm about this significant fundraising milestone, stating, “We have reached a point in our journey where we felt the need for a partner who would enable us to take the next big stride in our growth journey. Our collaboration with TMRW enables just this.”

The trend of D2C founders opting to partner with strategic investors to bolster their businesses has been gaining momentum. As reported by Moneycontrol, this approach has become an increasingly popular strategy among D2C entrepreneurs seeking to scale their operations effectively.

TGIC’s products are available on various e-commerce platforms, including Myntra, Ajio, Flipkart, and most recently, Amazon. The brand specializes in offering a wide range of apparel and footwear for both men and women, with a focus on casual wear. In line with its expansion plans, TGIC is poised to diversify its product portfolio by entering the plus-size clothing category and introducing a line of children’s clothing.

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With the infusion of Rs 155 crore in capital from TMRW House of Brands, The Indian Garage Co. is poised to embark on a new phase of expansion and innovation, cementing its position as a formidable player in the fashion industry.

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