TRMW has acquired a 16% stake in men’s wear brand WROGN for about $15 million while JM Financial Private Equity has finalised an investment in farm equipment company Modish Tractoraurkisan Pvt Ltd.
TRMW invests $15m in WROGN
TRMW, an e-commerce rollup venture owned by Aditya Birla Group Venture, has acquired a 16% stake in men’s wear brand WROGN for about $15 million (Rs 125 crore).
WROGN, which is also backed by Accel and Indian cricketer Virat Kohli, plans to use the funds to expand its offline footprint and scale up the D2C business, it said in a press release. The brand also aims to achieve revenue of Rs 1,500 crore within the next five years. It posted revenue of Rs 300 crore in the last fiscal year ended March 31, 2024.
Founded in 2014 by Anjana and Vikram Reddy, the startup offers casual clothing, footwear and accessories. WROGN has raised around $90 million from the likes of Accel, Flipkart, Kohli, and Sachin Tendulkar since inception.
JM Financial backs Modish Tractoraurkisan
JM Financial Private Equity has finalised an investment of Rs 40 crore in farm equipment company Modish Tractoraurkisan Pvt Ltd, it announced on Wednesday.
Modish Tractoraurkisan, the parent of agri machines and tools brand Balwaan Krishi, plans to transform the agricultural landscape by providing India-centric, affordable, small-farm equipment to farmers through an omnichannel presence.
The company will use the latest investment proceeds to drive its brand-building initiatives, enhance marketing efforts, support working capital needs, and expand the distribution network, JM Financial said in a statement.
For JM Financial, this is the sixth investment from its Fund III, and is in line with its stated strategy to invest in growth-oriented companies in the mid-market space, the statement added.