Walmart owned Flipkart has invested an undisclosed amount in Bengaluru-based fashion startup Universal Sportsbiz Pvt Ltd (USPL). It is a Series F funding for USPL from the Flipkart Group which saw participation from existing investor Accel Partners.
With his investment, the Flipkart Group plans to work closely with the USPL team to deepen product offerings on its platforms.
Flipkart recently acquired Bengaluru-based mobile gaming startup Mecha Mocha for an undisclosed valuation to strengthen its foray into the gaming segment.
Backed by Sachin Tendulkar, co-owned by Virat Kohli, the fashion startup USPL was founded by Anjana Reddy in 2012. The USPL’s portfolio of brands includes WROGN, a men’s casual wear brand inspired by Team India Captain Virat Kohli. While Imara is a contemporary women’s ethnic fashion brand and Ms Taken is a signature women’s western wearline.
Speaking on the development, Anjana Reddy, founder & CEO, USPL, said, “Over the years USPL has been the home to some of India’s best-known fashion brands for youth. The last few months have provided a great opportunity for us to consolidate our market leadership among homegrown brands catering to the youth and expand our market share. Post pandemic recovery has been great for us and we are at 80% of pre-Covid sales. During the time when the world is moving towards omni-channel retailing, we can significantly strengthen our online strategy by working with Flipkart and Myntra, the two prominent players in the Indian online fashion space.”
This investment will significantly step-up the online strategy of USPL by strengthening the existing long-standing engagement between USPL and Flipkart Group, the company said in a statement.
In 2018, USPL’s valuation soared to $163 Mn (INR 1,200 Cr) after it raised Series E funding of $13.5 Mn (INR 100 Cr) led by American venture capital firm Accel Partners.
Kalyan Krishnamurthy, CEO, Flipkart Group, said, “It is our constant endeavour to offer our customers a wide range of products that meet their sensibilities. USPL’s unique brands, backed by celebrity endorsements, have a strong appeal for the young fashion-driven Indian consumer. This investment will help USPL and the Flipkart Group find deeper synergies as we continue on our commitment to grow an ecosystem of partnerships that deliver value for consumers and brands.”