Wrogn made ₹244 crore from operations in FY26 and lost ₹88 crore. The loss is worrying, but the expense line tells the more useful story. Material costs were ₹119.7 crore. Marketing, commissions and brand consultancy together came to another ₹119.6 crore. In rough terms, almost everything left after paying for the merchandise was spent on selling the brand, before salaries, interest and depreciation.
That is uncomfortable for a company built around Virat Kohli. The whole advantage of having one of India’s most recognised celebrities should be cheaper attention. Yet Wrogn spent ₹57.8 crore on marketing, nearly 24% of revenue, and another ₹42.1 crore on commissions. Add brand consultancy and these costs were about 49% of operating revenue.
The problem has been building for years. Revenue fell from ₹344 crore in FY23 to ₹244 crore in FY24 and ₹223 crore in FY25, before recovering to ₹244 crore in FY26. Losses moved in the opposite direction, from ₹44 crore in FY23 to ₹88 crore last year. Wrogn now loses more than ₹36 for every ₹100 of operating revenue, compared with roughly ₹13 three years ago.
Discounting adds another complication. On Wrogn’s own website, products marked “New Drop” are often available at 40% to 50% off. A ₹2,399 shirt sells for ₹1,299. Jeans marked at ₹2,999 sell for ₹1,599. Fashion brands discount all the time, but repeated discounting trains customers to treat the sale price as the real price. That hurts full-price sales and can leave cash stuck in unsold inventory.
Wrogn’s FY26 numbers already show some pressure there. Stock purchases rose 14% to ₹141.2 crore, while the company reported a negative ₹21.4 crore change in inventories, pointing to stock accumulation. In fashion, unsold inventory eventually has to move, usually through markdowns.
Compare that with Snitch. It reported around ₹900 crore of operating revenue in FY26, with a small positive EBITDA margin, and says repeat users account for about 45% of sales. Its model relies on smaller production runs, customer data and quicker replenishment. Snitch built a feedback loop. Wrogn built recognition.
TMRW, which bought into Wrogn in 2024, now appears to be trying to fix exactly that. It wants more D2C sales, more exclusive stores, stronger repeat behaviour and less marketplace dependence. Wrogn’s D2C and exclusive-store GMV grew 120% in Q1 FY27, and the company wants more than 100 stores by March 2027.
That could help, but stores bring rent, staff, capex and more inventory. The turnaround will be visible only when marketing and commissions fall, discounting reduces, inventory moves faster and customers return without being bought again through ads.
Virat Kohli gave Wrogn a faster start than most fashion brands could ever hope for. But after the first purchase, celebrity matters much less. What remains is ordinary retail: product, price, inventory, distribution and whether the customer comes back.
Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.
“Humari Bhi Haan Hai”: RNFI Money Gets Perpetual RBI Approval
RNFI Money has secured perpetual RBI approval for its AD-II forex license, removing future renewal risks.
The license also expands into trade remittances, opening new avenues for international payments.
Read more here
“Ek Se Bhale Do”: Payinstacard Partners With CAMS Group
Payinstacard has partnered with CAMS Group for DPDP compliance.
It will use Think360.ai’s AI-driven ConsenPro platform for privacy and consent management.
Read more here
“Yeh Toh Jaadu Hai”: Ottonomy Automates Logistics Movements
Deeptech startup Ottonomy is building autonomous robots to transport medicines, laboratory samples, spare parts and other supplies through campuses, hospitals, warehouses and travel hubs.
Its robots have been deployed across India and several international markets.
Read more here
“Aaiye Aapka Intezaar Tha”: LTM Appoints Shekhar Kapur As Strategic Advisor
LTM has appointed filmmaker Shekhar Kapur as Strategic Advisor to BlueVerse Craft, its business unit combining strategy, creativity, technology and production for enterprise clients.
Kapur will advise the unit’s leadership on its vision for AI-enabled creativity and content production.
Read more here
“Radiology Se Tata Bye-Bye”: Thyrocare To Sell Nueclear Healthcare
PharmEasy-owned Thyrocare has approved the sale of its entire stake in radiology subsidiary Nueclear Healthcare to Trovera Healthcare for approximately Rs 141.4 Cr.
Thyrocare will receive Rs 81.9 Cr in cash and Trovera securities worth Rs 59.5 Cr.
Read more here
“Hum Saath Saath Hai”: Samara Capital Acquires Stakes In ARC And Calyx
Samara Capital has acquired stakes in ARC and Calyx.
The Rs 1,200 Cr deal aims to build an integrated logistics platform.
Read more here
Prime Industries is raising ₹11.86 Cr from Uday Narang. The Omega Seiki Mobility founder will join as a strategic investor.
Read more here
Edelweiss Financial Services has launched a ₹300 Cr NCD issue. The offering includes a ₹150 Cr base issue and a ₹150 Cr green shoe option.
Read more here
Drivn’s Indian entity has raised ₹45 Cr in a seed round led by Avaana Capital. The EV mobility startup will use the fresh capital to scale operations.
Read more here
Indulge has raised $1 Mn in a pre-Series A round from existing and new investors.
Read more here
