Celebrity-led fashion retailer, Universal Sportsbiz Private Limited (USPL), has announced its valuation to have soared to $163 Mn (INR 1,200 Cr) after it raised Series E funding of $13.5 Mn (INR 100 Cr) on Wednesday led by American venture capital firm Accel Partners — a significant rise from the $100 Mn valuation in November last year.
Founded in 2012 by Anjana Reddy, USPL’s portfolio of brands include WROGN, a premier fashion brand inspired by Indian cricketer Virat Kohli; Sri Lankan actress Jacqueline Fernandez’s Imara, a contemporary women’s ethnic fashion brand; and Ms.Taken, a signature western wear line curated by actress Kriti Sanon.
Along with Accel Partners, the startup is also backed by Alteria Capital, which poured $4.6 Mn debt investment in the startup in May this year. Alteria Capital has made another $1 Mn maiden equity investment in the recent fundraise by USPL.
“The fresh capital infusion will help us double down on our efforts to take the company into a new orbit,” USPL founder and CEO Anjana Reddy was cited in a statement as saying.
The startup also plans to utilise the recent funds to spread its offline retail network across key markets in the country, as it aims to enhance its presence across its portfolio of fashion brands to more than 1,300 stores — up from the present 305 stores across 50 cities — over the next two years.
All the three products of USPL are available under brands’ respective online domain and also at offline stores like Shoppers Stop, Central, Brand Factory, and as many ecommerce channels in India. These brands also have their own stores.
Reddy plans on achieving a revenue of INR 300 Cr ($40.7 Mn) by FY19.
According to research firm Euromonitor, India’s sportswear market sales value is at $5.9 Bn (INR 44,010 Cr), and is expected to touch $12.9 Bn (INR 95,000 Cr) by 2022.