TMRW, the brands business of The Aditya Birla Group has invested Rs. 155 crore (about US $ 18.6 Million) in The Indian Garage Co (TIGC), one of the leading D2C brands. TMRW didn’t disclose the stake acquired in the brand.
In a statement, TMRW said the investment will help it exploit growth avenues across D2C, offline, and other channels and deepen expansion into sub-brands and categories. It further adds that with TMRW’s investment and capabilities, TIGC has a path to become the leading brand in men and women casual wear with a path to Rs. 1,500 crore in the next 5 years and a strong focus on Tier-2/3 city-led growth.
TIGC, which claims to have generated a revenue of Rs. 300 crore in FY ’23 with a healthy profit margin was founded in 2012 by Anant Tanted.
With a strong presence in the menswear segment, recently, it also expanded into the womenswear and plus size segments.
“With a deep consumer understanding and product strength, TIGC has demonstrated a compelling product-market fit, stellar scalability and strong consumer love reflected in their Top 1 to 5 ranking across e-commerce platforms. With the deep category and brand building experience as well as tech-led scaling path which TMRW brings, we are confident in establishing TIGC as the leading casual wear brand,” said Prashanth Aluru, CEO and cofounder of TMRW.
Prior to this, TMRW invested Rs. 200 crore in Bewakoof, which is one of the eight digital-first lifestyle brands in which the company decided to invest. TMRW current portfolio includes names such as Berrylush, Juneberry, Natilene, Veirdo, Nauti Nati, Nobero and Urbano.
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