Virat Kohli-backed Wrogn’s Revenue Drops 29% in FY24
- ByStartupStory | September 13, 2024
Accel and cricketer Virat Kohli-backed men’s apparel brand Wrogn has reported a significant dip in revenue, with a decline of over 29% in the fiscal year ending March 2024. The company’s revenue from operations for FY24 stood at Rs 243.75 crore, a sharp fall from Rs 344.3 crore in FY23. This decline in revenue comes amid rising losses for the brand, which surged by 28.2%, nearing the Rs 57 crore mark for the same period.
In a bid to strengthen its position, Wrogn had raised Rs 125 crore ($15 million) earlier in June from Aditya Birla Group-owned TMRW House of Brands. Since its inception in 2014, the brand has raised approximately $90 million from prominent investors like Accel, Flipkart, Virat Kohli, and Sachin Tendulkar.
Wrogn has consistently attracted attention from notable investors, with Flipkart joining in during the Series F round in November 2020. Though the investment amount remained undisclosed, it marked another significant step for the brand in expanding its market presence.
In addition to its core operational revenue, the brand generated Rs 21 crore from interest and gain on financial assets in FY24, bringing its total revenue to Rs 264.8 crore for the fiscal year.
Founded in 2014 by Anjana and Vikram Reddy, Wrogn has grown to become a prominent name in men’s fashion, offering casual clothing, footwear, and accessories, primarily targeting men aged 18-30. The brand operates through a combination of online and offline retail channels, catering to a wide customer base across the country.
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