Universal Sportsbiz, the company which is backed by former cricketer Sachin Tendulkar, has received a follow-on investment from Accel Partners. As per the reports, the venture capital firm has picked up 15% stake in the company for about ₹100 crore.
The latest transaction values the company at around $100 million (₹653 crore). As per the report from Economic Times, an agreement has already been signed and a formal announcement is expected early this week.
The proceeds of this new funding round will be used by the company to strengthen its product portfolio and expand presence across the country, especially in the mini-metros.
Universal Sportsbiz (SPL), which was set up in 2012 by former national-level badminton player Anjana Reddy, has a significant presence in the multi-billion dollar celebrity fashion lines business. Sachin Tendulkar was one of the first investors in the company and currently holds a significant minority stake in the firm.
The Hyderabad-based company operates three brands — Collectabillia, Wrong and Imara. Collectabillia sells celebrity fashion accessories and merchandise brands. Wrogn manufactures fashion apparel while Imara manufactures contemporary ethnic wear for women.
In 2015, the company had raised ₹46 crore from Accel Partners and another ₹8 crore of venture debt from Temasek’s venture lending platform InnoVen Capital India. With this round, the company has raised over ₹260 crore from venture funds in the past five years.