Accel Partners will be investing INR 100 crore ($15 million) in Sachin Tendulkar-backed celebrity fashion firm Universal Sportsbiz Pvt. Ltd.
This will be the second investment by the US-based venture capital firm in the USPL. Accel Partners is famed for its early stage investments in some of the world’s most famous companies including Facebook and Flipkart.
The investors will take 15% stake in the USPL valuation of INR 650 crore at $100 million, The Economic Times has reported. The parties have reportedly signed an agreement and a deal will be announced this week. USPL will use the funds to develop its product and enter smaller cities in the country.
USPL is also associated with cricketer Virat Kohli’s brand Wrogn, which was launched in October 2014.
Tendulkar, who holds a crucial minority stake in USPL, is one of the first investors in the company raised by former national-level badminton player Anjana Reddy in 2012.
USPL will use the funds to strengthen its product portfolio and expand presence across the country, especially in the mini-metros, the report said. USPL has raised rounds of funding from top investors including Accel in previous rounds. It had first raised INR 46 crore from Accel in 2015 and another INR 8 crore of venture debt from Temasek’s venture lending platform, InnoVen Capital India.
USPL received a round of Rs 100 crore late last year. With the current round of funding, the company has raised a total of INR 260 crore from venture funds in the past five years.