The Flipkart Group on Thursday announced a strategic investment in Universal Sportsbiz Pvt Ltd (USPL), a youth-focused fashion brand. This is a Series F funding for USPL from the Flipkart Group along with participation from existing investor Accel Partners.
This investment will significantly step-up the online strategy of USPL as the Flipkart Group will work closely with the USPL team to deepen product offerings on its platforms. Financials involved in the investment were not disclosed.
"Post pandemic recovery has been great for us and we are at approximately 80 per cent of pre-COVID sales," Anjana Reddy, Founder & CEO, USPL, said in a statement. "During the time when the world is moving towards omni-channel retailing, we can significantly strengthen our online strategy by working with Flipkart and Myntra, the two prominent players in the Indian online fashion space."
Founded in 2015, USPL has built a portfolio of youth-focused fashion brands that cater to the sensibilities, design and fitment needs of the young Indian.
USPL's brand portfolio includes brands across men's wear and women's wear, like Wrogn (men's casual wear brand), Imara (women's ethnic wear brand), Ms.Taken (women's western wear brand), Single (men's casual wear brand) and Wrogn Active (men's athleisure line).
Its brands are also present in over 750 offline retail outlets in more than 100 cities across India.
"It is our constant endeavour to offer our customers a wide range of products that meet their sensibilities. USPL's unique brands, backed by celebrity endorsements, have a strong appeal for the young fashion-driven Indian consumer," said Kalyan Krishnamurthy, CEO, Flipkart Group.
"This investment will help USPL and the Flipkart Group find deeper synergies as we continue on our commitment to grow an ecosystem of partnerships that deliver value for consumers and brands,” he added.