New Delhi: On Wednesday, Aditya Birla Group announced the appointment of former Meta and Bain & Company executive Prashanth Aluru to head the company’s newly set up entity TMRW that will acquire as well as incubate direct-to-consumer fashion and lifestyle brands. This move is in line with the group’s strategy to launch and back new-age digital ventures.
The entity mirrors the house of brands model where a parent company acquires or incubates a portfolio of brands across consumer segments.
Managing Director of ABFRL, Ashish Dikshit said, “ The formal launch of our D2C business, TMRW, is a key milestone for the company. This venture has the potential to become a significant growth engine by tapping into the new wave of entrepreneurial energy in India. Our aspiration is to build a portfolio of more than 30 brands in the next three years.”
“With the launch of this venture, we intend to double down on our ongoing program 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”, he added.
Aluru who joins the company as the CEO and co-founder will be responsible for setting-up a nimble and agile founding team. Aluru, an alumnus of IIT Kharagpur, comes with extensive experience in digital and technology across strategy, growth and investing, the company said announcing his appointment. He has also served as an angel investor and advisor to several startups, according to his LinkedIn profile.
“I am excited to embark on this journey to build TMRW – a long-term enduring platform that will be home to the leading disruptor brands that provide the new age digitally savvy consumer what she is looking for across fashion and lifestyle. With the backing of the Aditya Birla Group and the right profile of long-term investors we will bring in, we are confident of powering the growth of several brands that shape the next phase of digital commerce growth till 2030 and beyond. With a new age digital first DNA, at TMRW, we will jointly create an ecosystem of the most-loved disruptor brands partnering closely with highly competent founders,” Prashanth Aluru said.
In February, ABFRL said it will set up a new entity that will incubate and acquire new-age, digital brands across fashion, beauty and other lifestyle segments.
Late last month, the company announced that it is raising ₹2,195 crore, from an affiliate of GIC, Singapore’s sovereign wealth fund. ABFRL plans to use the capital to accelerate its current businesses apart from tapping into emerging high-growth business models.