The Aditya Birla Group’s house of brands business TMRW has invested INR 155 Cr (about $18.6 Mn) in D2C brand The Indian Garage Co (TIGC).
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. However, it didn’t disclose the stake acquired by TMRW in the brand.
Founded in 2012 by Anant Tanted, TIGC claims to have a leadership position in the casual wear market, with a strong presence in the men’s wear segment. Recently, it also expanded into women’s wear and plus size segments with FreeHand and HardSoda brands, respectively.
TIGC claimed to have generated a revenue of INR 300 Cr in FY23 with a healthy profit margin. “With TMRW’s investment and capabilities, TIGC has a path to become the leading brand in men & women casual wear with a path to INR 1,500 Cr in the next 5 years and a strong focus on Tier-II/III city-led growth,” the statement said.
Commenting on the latest addition in its portfolio, Prashanth Aluru, CEO and cofounder of TMRW, said, “With a deep consumer understanding & 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 & 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…”
The rise in internet penetration and improving access to smartphones in the country have given a boost to online shopping, Bewakoof, DaMENSCH, FableStreet, The Souled Store are among the popular D2C brands in the country
