Aditya Birla Group's TMRW to raise Rs 437 crore from ServiceNow Ventures

TMRW, an Aditya Birla Group venture, said it will raise Rs 437 crore from ServiceNow Ventures, to build and scale its new age fashion brands portfolio and leverage the investor's artificial intelligence platform.

TMRW, launched in mid-2022, has a portfolio of digital-first fashion brands catering to Gen-Z and Millennial consumers - including Bewakoof, Wrogn, The Indian Garage and Nobero. ServiceNow is part of an American software company based in Santa Clara, California, that supplies a cloud computing platform.

The company said it will leverage ServiceNow AI platform to enhance its speed-to-market, focused assortments and consumer experiences across its omni-channel footprint.


“Our focus and differentiation has been building a technology- and data science-led approach to scaling new age fashion brands. ServiceNow’s agentic AI capabilities will augment our playbook for value creation, enabling us to leapfrog traditional fashion-industry value drivers and deliver next-gen consumer experiences to millions of consumers," Prashanth Aluru, cofounder and CEO, TMRW said.

The fashion and lifestyle ecommerce market is expected to be a $35-40 billion market by 2027 and within D2C alone, there is an addressable market of at least $15-20 billion. Three years ago, Aditya Birla Fashion & Retail (ABFRL) set up the D2C entity with plans to acquire and incubate 30 brands.

“At ServiceNow Ventures, we are committed to investing in transformative technologies that are reshaping the future of work. We are proud to support TMRW as they redefine India’s fashion landscape with a bold, AI-first approach,” said Philip Kirk, Senior vice president of corporate business development at ServiceNow. “By leveraging the power of the ServiceNow AI Platform, TMRW is transforming every layer of the fashion experience and unlocking new levels of operational agility and customer experience.

On Wednesday, ABFRL posted 9% growth during the quarter ended June, with revenue at Rs 1831 crore with net loss of Rs234 crore. Pantaloon, its biggest business saw marginal revenue decline at Rs 1094 crore due to store closures while designer led ethnic portfolio grew by 79% due to addition of Tarun Tahiliani (GFPL) to the portfolio.