ServiceNow Ventures is expected to contribute Rs 437 crore, or about $50 million, to TMRW, an Aditya Birla Group venture.
The money raised will be utilized to improve operations and customer experience by utilizing the investor’s artificial intelligence platform and growing its portfolio of fashion brands that prioritize digitalization.
Bewakoof, WROGN, The Indian Garage, and Nobero are among the brands in TMRW’s portfolio, which was introduced in the middle of 2022 and targets Gen Z and Millennial consumers. TMRW invested $15 million to purchase a 16% stake in the Bengaluru-based men’s clothing brand WROGN in June of last year, valuing the business at approximately $105 million.
In order to increase speed-to-market, create targeted product assortments, and improve customer experiences across its online and offline channels, the company intends to incorporate ServiceNow’s AI tools.
Aditya Birla Fashion & Retail (ABFRL) founded TMRW three years ago with the intention of purchasing and developing thirty brands in this market.
For the June quarter, ABFRL reported revenue of Rs 1,831 crore and a net loss of Rs 234 crore. During the quarter, TMRW’s revenue increased 38% to Rs 197 crore, while its EBITDA loss increased 37% year over year to Rs 63 crore.
