American venture capital firm Accel Partners who earlier invested in Flipkart and Facebook has now agreed to invest a total sum of Rs 100 crore in Tendulkar backed Universal Sportsbiz (USPL). Accel Partners picked a little over 15% in youth fashion company Universal Sportsbiz (USPL) valuing the company at about $100 million or Rs 650 crore.
First Investor in USPL
UPSL was set up in early 2012 by badminton player Anjana Reddy, and Tendulkar was one of the first investors in the company. He now has a significant minority stake in the firm.
USPL is a company with a significant presence in the multi-billion dollar celebrity fashion lines business. Its celebrity fashion lines include of Virat Kohli and Shraddha Kapoor under Wrogn and Imara brands.
Strengthening its Product portfolio
UPSL will now utilize its funds to strengthen its product portfolio and to expand its presence across the country, especially in the mini-metros. USPL had first raised Rs 46 crore from Accel in 2015 and another Rs 8 crore of venture debt from InnoVen Capital India.
With this round of funding, UPSL has benefited a total sum of Rs 260 crore in the past five years. USPL is further looking to tap the international markets targeted at the Indian and Asian diaspora.