Universal Sportsbiz, the celebrity-led fashion retailer, said Thursday it has raised US$13.5 million (around Rs 1 billion) from its existing investors, valuing the company at around Rs 12 billion.
According to a PTI report: Post funding, the valuation of the company zoomed to US$ 160 million (Rs 12 billion), a significant rise from US$ 100 million valuation in November last year, Universal Sportsbiz said.
Series E round of funding from existing investors led by Accel Partners and Alteria Capital Advisors, which had made a US$ 4.6 million (Rs 338 million) debt investment in May this year, expand their investment with a US$ 1 million maiden equity investment in the company, Universal Sportsbiz said.
“The funds will be used to accelerate growth and spread its offline retail network across key markets in the country,” it added.
The company aims to reach over 1,300 stores across India in two years, up from the 305 stores at present.
“The company will also look at expanding its portfolio of brands and investing in technology to optimize the business,” it said.
USPL’s portfolio includes WROGN, a fashion brand inspired by Virat Kohli, IMARA, a contemporary women’s ethnic fashion brand with Jacqueline Fernandez and Ms. Taken – Kriti Sanon’s westernwear line.