Aditya Birla Group has announced the launch of TMRW–its new entity focused on direct-to-consumer (D2C)—announced earlier this year. It has appointed former Facebook and Bain & Company executive Prashanth Aluru as the CEO and Co-founder of TMRW.
In his previous roles, Prashanth has served as the director of strategy and operations for India with an additional focus on startup investments, including the group company’s investments in Meesho, Unacademy, and others.
According to a statement, Aditya Birla Group said TMRW will function as a ‘house of brands’ with a focus on fashion and lifestyle brands, building a portfolio of over 30 brands over the next three years.
“With the launch of this venture, we intend to double down on our ongoing programme of strategically attracting new pools of capital that are seeking investment in high-growth businesses. We are confident that this foray will successfully meet the aspirations of digitally native consumers and also create long-term value for investors and other stakeholders,” said Ashish Dikshit, Managing Director, Aditya Birla Fashion and Retail Limited (ABFRL), in the statement.
TMRW is a part of ABFRL. In an earlier interview with YS, Ashish had said that TMRW will be a majority stakeholder in the D2C brands. The D2C channel is expected to contribute 15 percent of revenue at ABFRL in the next five years.
The announcement comes soon after ABFRL announced raising Rs 2,195 crore from Singapore’s sovereign wealth fund GIC for a 7.5 percent stake in the company.
Walmart-backed ecommerce major Flipkart is also an existing investor in ABFRL with a 7.5 percent stake through an investment of Rs 1,500 crore announced in October 2020.
