Universal Sportsbiz eyes fresh funding boost

Bangalore-based fashion start-up Universal Sportsbiz (USPL) is negotiating with investors to raise 15-20 million dollars (Rs 974 to Rs 1,298 crores) in Series C funding. The buzz is that the company is in talks with global venture capital firms including existing investors Accel Partner and Temasek.

The two-year-old start-up, which retails brands such as Wrogn endorsed by Virat Kohli and ethnic women’s label Imara had raised around 7.5 million dollars (around Rs 48 crores) in its Series B round in July. Founded in April 2012 by Anjana Reddy, USPL aims to invest the fresh funds to create more fashion brands and open standalone brand stores in major cities. The plans is to open at least five standalone stores this year, while expanding its retail network from 30 stores to over 75 for Imara and from 38 stores to 70 stores for Wrogn.

The company is also targeting revenues of Rs 120 crores in FY17 up from Rs 70 crores reported this fiscal. Earlier, cricketer Sachin Tendulkar had picked up minority stake for an undisclosed sum. Other than Tendulkar and Messi, the company is associated with sports celebrities such as Vishwanathan Anand, Viv Richards, Harbhajan Singh, Muttiah Muralitharan, Sania Mirza and Saina Nehwal.