Universal Sportsbiz eyes funding of up to $20 mn

31 Mar '16

2 min read

Sachin Tendulkar-backed fashion and memorabilia portal Universal Sportsbiz is looking to raise up to $20 million (around Rs 130 crore) as it gears up to open 100 exclusive outlets for its flagship brand Wrogn in three years.

“We are looking to raise around $ 15-20 million from new investors," Universal Sportsbiz Pvt Ltd (USPL) co-founder Anjana Reddy told PTI after the opening of the company's first exclusive brand outlet (EBO) of Wrogn in Hyderabad on Tuesday.

USPL, which started in 2012 has already raised $11 million so far. Tendulkar has a minority stake in the company.

The company has embarked on a retail network expansion of the Wrogn label. The brand is co-owned Indian Test cricket captain Virat Kohli.

"We plan to open five company EBOs this year. The overall plan is to have 100 EBOs in the next three years through the franchise route," Reddy said.

But Universal Sportsbiz is not focussed only on opening exclusive outlets. The company is increasing the presence of Wrogn brand through Shoppers Stop. Currently the Wrogn brand is available in 45 Shoppers Stop stores, Reddy said.

USPL has two celebrity fashion lines of Virat Kohli and Shraddha Kapoor under Wrogn and Imara brands. It also has an online channel Collectabillia, which sells celebrity fashion accessories and merchandise. (SH)

Fibre2Fashion News Desk – India

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