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Accel invests $13.5 million in India's Universal Sportsbiz

24
Oct '18
Accel invests $13.5 million in India
Universal Sportsbiz Pvt. Ltd has raised $13.5 million (₹100 crore) in a Series E funding round led by existing investor Accel Partners. Alteria Capital, which invested $4.6 million in debt in the Bengaluru-based company in March, also pumped in an additional $1 million as equity investment in the new round, the fashion start-up said in a statement.

The new round of investment values Universal Sportsbiz at $160 million (₹1,200 crore), up from $100 million last year, a news agency reported citing the statement.

The company has raised $13.5 million over five funding rounds till now. The funds will be utilised to expand its offline retail network across key markets and expand its brand portfolio while investing in technology.

Founded in 2012 by Anjana Reddy, Universal Sportsbiz has forged multiple partnerships with famous sports and movie personalities to co-create apparel brands, which are sold to customers via online and offline channels.

The company also plans to enhance its presence across its portfolio of fashion brands that include WROGN, a premier fashion brand inspired by Indian cricketer Virat Kohli, Bollywood actor Jacqueline Fernandez’s IMARA; and Ms.Taken, a western wear line in tie-up with Indian actor Kriti Sanon.

It aims at expanding to over 1,300 stores from 305 in the next two years. (DS)

Fibre2Fashion News Desk – India


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