Bengaluru-based celebrity fashion startup Universal Sportsbiz Pvt Ltd (USPL) has raised around ₹100 crores ($13.5 million) in series E funding led by Accel Partners. Other investors that participated in the round include, NB Ventures and venture debt fund Alteria Capital, with the latter infusing ₹7 crores ($1 million).
The latest round has pegged the startup’s valuation at around $160 million, significantly growing from $100 million, in November last year, when it raised ₹100 crores from Accel Partners.
The funds raised will be used to expand the brand’s portfolio, strengthening technology to optimise business, along with expanding the offline retail network.
Sachin Tendulkar-backed Universal Sportsbiz, that owns and operates the celebrity fashion e-tailer Collectabillia, was founded by Anjana Reddy, in 2012. Other celebrity-inspired brands under Universal Sportsbiz’s portfolio include Virat Kohli’s fashion brand WROGN, Jacqueline Fernandez’s fashion platform for women Imara, and Kriti Sanon’s western wear line Ms. Taken.
Talking about future plans, Anjana Reddy, Founder and CEO, USPL, said, With this fundraise, we want to focus on growth for our brand and bring in 1,000 points of sales in two years. We strongly believe that each of USPL’s brands has the potential to emerge as a multi-million dollar global brand, and with this investment, there is no looking back.”
USPL brands are sold at more than 300 offline stores across 34 cities, along with online platforms like Myntra, Jabong, Flipkart, and Amazon, among others. The celebrity commerce startup is looking to expand its brands to more than 1,000 stores across the country, in the next two years.
Counting on its omnichannel strategy, USPL is on track to achieve ₹320 crores in revenue in FY19.
Talking on the investment, Mahendran Balachandran, Partner at Accel Partners India, said, “In the competitive world of retail fashion, Anjana and her team have successfully built brands. 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.”