MUMBAI: Bengaluru-based fashion startup Universal Sportsbiz Pvt Ltd has raised Rs 1 billion ($13.5 million) in a Series E funding round led by existing investor Accel Partners.
Alteria Capital, which invested $4.6 million in debt in Universal Sportsbiz in March this year, also pumped in an additional $1 million as equity investment in the new round, Universal Sportsbiz said in a statement.
The new round of investment values Universal Sportsbiz at $160 million (Rs 12 billion), up from $100 million last year, it said. Till date, the fashion startup has raised $13.5 million over five funding rounds.
Universal Sportsbiz plans to utilize the funds to spread its offline retail network across key markets in the country and expand its portfolio of brands while investing in technology.
“The company has added tremendous value through its differentiated brands and as it moves forward to accelerate growth, we are excited to strengthen our partnership with them,” Mahendran Balachandran, partner at Accel Partners India, said in a statement.
Founded in 2012 by Anjana Reddy, Universal Sportsbiz has forged multiple partnerships with famous sports and movie personalities to co-create apparel brands, which are sold to customers via online and offline channels.
“Fresh capital infusion will help us double down on our efforts to take the company into a new orbit. I am happy that our investors have reiterated trust in us. We strongly believe that each of USPL’s brands has the potential to emerge a multi-million dollar global brand,” Ms Reddy said in a statement.
The company also plans to enhance its presence across its portfolio of fashion brands that include WROGN, a premier fashion brand inspired by Virat Kohli; Jacqueline Fernandez’s IMARA; and Ms.Taken a western wear line in tie-up with actress Kriti Sanon.
“It’s a great feeling when a brand that resonates with oneself gets appreciation not just from customers, but also from its investors who have backed the brand since its creation,” Kohli said in a statement.
Universal Sportsbiz targets to expand to over 1,300 stores from the current 305 in the next two years. The brands are also sold at big retail chains like Shoppers Stop and on online marketplaces like Myntra, Jabong, and Flipkart, among others.
“Anjana and her team have been extremely creative and diligent in building strong brands like Wrogn and Imara which has resulted in a strong consumer brand platform. We are very excited to contribute further to this fantastic journey,” stated Vinod Murali, co-founder and managing partner, Alteria Capital.
