The Indian Garage Co (TGIC), a fashion brand, has raised Rs 155 crore from Tmrw, a house of brands venture from the Aditya Birla Group, the two companies said in a press release on October 25.
The funds will be used to expand sales channels, including D2C, and enter new categories. The money will also be used to open physical stores and leverage the omnichannel strategy like several other D2C companies have been doing of late.
“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,” Anant Tanted, Founder, The Indian Garage Co, said about his maiden fundraise.
TIGC sells across platforms like Myntra, Ajio and Flipkart. Tanted told Moneycontrol that the company just went live on Amazon, too. TIGC deals in apparel and footwear for men and women in casual wear. It is also planning to expand its offerings by entering the plus size category and making kid’s clothes, Tanted added.
The company will likely end FY24 with a top line of around Rs 700-750 crore in FY24, Tanted said.
With the latest investment, TIGC joins a growing list of companies that partner with TMRW, which also owns Bewakoof, Urbano and several others.
“We are excited to announce our partnership with TIGC which expands our portfolio in the casual wear space…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,” said Prashanth Aluru, CEO and co-founder TMRW.
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