Cricket legend Sachin Tendulkar-backed-Universal Sportsbiz Pvt. Ltd (USPL), the owner of fashion brands Wrogn, Imara and Collectabillia, is raising Rs 100 crore from existing investor Accel Partners.
In its third round of investment, the early stage VC firm has also picked up a stake of 15% in the celebrity fashion startup.
Earlier, the youth fashion startup had raised Rs.46 crore from Accel in 2015 and Rs 17.25 crore in July 2012. It has also raised Rs 8 crore of venture debt from Temasek’s venture lending platform, InnoVen Capital India.
USPL will deploy the latest infusion towards strengthening its product portfolio and expanding presence across the country, especially in the mini-metros.
According to an ET report, an agreement has been signed and a formal announcement is expected early this week, valuing the USPL at about $100 million.
The startup was set up in 2012 by former national level badminton player Anjana Reddy. In 2012, Sachin Tendulkar became one of the co-investors in a Series-A round in Collectabillia, when the company raised $2.7 million. He also has a significant minority stake in the firm, which is among the few home-grown companies with a significant presence in the multi-billion dollar celebrity fashion lines business.
USPL had launched cricketer Virat Kohli-inspired men’s casual wear brand Wrogn and actress Shraddha Kapoor-inspired women’s ethnic wear brand Imara early last year, which competes with brands like UCB, Jack & Jones, US Polo, BIBA and W.
In September, this year, Hyderabad-based CallHealth Services, a healthcare service aggregator, reported having raised Rs 40 crore in a funding round led by former Indian cricketer Sachin Tendulkar, along with other sports stars such as badminton player PV Sindhu, and former badminton player Pullela Gopichand.
However, Sachin and PV Sindhu called off their proposed investment in the healthcare services aggregator. Also, they refused to elaborate on the reasons behind the unsuccessful deal.