Hyderabad: In an attempt to power its aggressive expansion plans, Sachin Tendulkar-backed celebrity fashion lines company Universal Sportsbiz Private Limited (USPL) has raised Rs 8 crore from InnoVen Capital India (formerly known as SVB India Finance) in debt. Innoven Capital India is a start-up focused subsidiary of Singapore-based investment major Temasek Holdings. “USPL is expected to use the debt for the planned brand building efforts and multimedia campaigns as the company pursues its aggressive growth plans,” the company said in a statement on Sunday.
The debt raised by USPL follows the successful series B funding secured from existing investor Accel Partners. The total funds raised by USPL during the calendar year 2015 is Rs 61 crore through a combination of equity infusion and debt. Commenting on the development, Ms Anjana Reddy, the founder of USPL, said, “We have enjoyed our association with InnoVen Capital and are happy to consolidate this relationship with their additional commitment and support. With the successful rounds of fund raising, Universal Sportsbiz can speedily execute its aggressive plans of building the brand platforms.”
Founded in April 2012, USPL is the only home grown Indian company with significant presence in the multi-billion dollar celebrity fashion lines business with three distinct offerings. USPL’s portfolio of leading brands include Wrogn, a premier fashion brand inspired by Virat Kohli, Imara, a contemporary women’s ethnic fashion brand with Shraddha Kap-oor and Collectabillia, which e-tails sports, entertainment and celebrity-based fashion accessories.
“We are in a unique position of having the association and support of iconic personalities and world class financial institutions. We will be focused on unlocking the true potential of celebrity lines business by building enhanced awareness and providing access and availability,” Ms Reddy added.
