Celebrity fashion company Universal Sportsbiz which is backed by the Sachin Tendulkar has raised Rs. 8 crore from InnoVen Capital. The company said in a statement that Universal Sportsbiz (USPL) is expected to use the debt for the planned brand-building efforts and multimedia campaign as the company pursues its aggressive growth plans.
Founder of the company Anjana Reddy said, “With the successful rounds of fund raising, Universal Sportsbiz can speedily execute its aggressive plans of building the brand platforms. We will be focused on unlocking the true potential of celebrity lines business by building enhanced awareness and providing access and availability.” The company which currently has 30 stores for Imara, and 38 for Wrogn want to plans to take the number to 75 and 70, respectively. It is also planing to introduce Imara Fusion, which would have contemporary designs for work and casual wear.
Vinod Murali, MD, Innoven Capital (India) said, “Universal Sportsbiz has firmly established its position in the celebrity fashion brand industry in a calibrated manner driven by the strength of relationships across brand icons and other stakeholders.”
Founded in April 2012, USPL has so far raised Rs. 61 crore this year through a combination of equity infusion and debt. USPL’s portfolio of leading brands includes premier fashion brand Wrogn, women’s ethnic fashion brand Imara, and sports memorabilia brand Collectabillia.
