USPL raises Rs100 crore, crosses $100 million valuation
Bengaluru: Fashion start-up Universal Sportsbiz Pvt. Ltd (USPL) has raised a fresh round of investment of over Rs100 crore from existing investor Accel Partners.
With this round of funding, the valuation of Universal Sportsbiz Pvt. Ltd has crossed $100 million, the company said.
The funds will be deployed for expansion in product portfolio and retailing capabilities. “With this investment we will be able to accelerate our growth in this high potential, fashion retail space,” USPL founder and chief executive officer (CEO) Anjana Reddy said in a statement in Bengaluru.
Founded in April 2012, USPL’s portfolio of brands include WROGN, a men’s casual wear brand inspired by Team India Captain Virat Kohli.
Imara is a contemporary women’s ethnic fashion brand and Ms Taken, a signature women’s western wearline. Kohli, who is also curator of USPL’s brand WROGN, said, “I am keenly looking forward to taking WROGN to all the right places in India and beyond.”
USPL brands are presently available in Shoppers Stop and online fashion portals Myntra, Jabong and Flipkart, besides exclusive brand stores.
Pursuing its omni-channel distribution strategy, USPL has recently opened company owned outlets in key metropolitan cities of the country. “We are delighted to support USPL’s future plans as they seek to maintain leadership position in India and expand globally,” Partner at Accel Partners India, Mahendran Balachandran said.