MUMBAI: Sachin Tendulkar-backed celebrity fashion company Universal Sportsbiz Pvt Ltd (USPL), which owns the brands Collectabillia, Wrogn, Imara and Ms. Taken, has raised Rs 30 million from newly launched venture debt fund Alteria Capital.
The venture debt funding has come shortly after USPL raised a fresh round of investment of over Rs 1 billion from their existing investor Accel Partners last November. At the time it had said the investment would be used to expand product portfolio and penetrate into newer regions.
Commenting on the fund raise, Anjana Reddy, founder & CEO of USPL stated: “Taking venture debt from Alteria was a simple decision given the relationship involved and their understanding of startups as well as expertise in debt structuring. High growth companies need access to multivariate sources of capital and it is great for Indian startups to have more access to venture debt.”
Bengaluru-based USPL was founded by Reddy in 2012. The USPL’s portfolio of brands includes Wrogn, a men’s casual wear brand in which Team India captain Virat Kohli has a significant stake. Imara is a contemporary women’s ethnic fashion brand that has Jacqueline Fernandez as its face and Ms Taken is a signature women’s western wear line fronted by Kriti Sanon.
Speaking about the investment, Vinod Murali, co-founder & managing partner, Alteria Capital stated: “Anjana has consistently delivered on stated objectives and built a great team to take the business to the next level. She has built a very strong business with three contemporary brands including Wrogn and India is starved of good local brands, especially in the apparel segment.
Ajay Hattangdi, co-founder & managing partner, Alteria Capital added: “The consumer segment in India is looking very attractive and USPL is very well positioned to emerge as a winner in this space.”
USPL’s brands are retailed at over 200 points of sale with a geographical spread across 34 cities nationally.
