Mumbai, November 14, 2017:- In a significant development for the Indian fashion retailing industry, USPL has raised a fresh round of investment of over Rs. 100 crores from its existing investor Accel Partners. With this round of funding, the valuation of USPL has crossed US$100 million consolidating its position as one of the most valuable companies in the industry.
Founded in April 2012, USPL’s portfolio of brands include WROGN, a men’s casual wear brand inspired by Virat Kohli, Imara, a contemporary women’s ethnic fashion brand, Ms. Taken, a signature women’s western wear line. The success of USPL has spawned a multi-million dollar celebrity fashion line industry with leading personalities from the Indian sports and film world launching their own labels of clothes and accessories.
USPL will deploy the funds raised through this round of investment for continued expansion in product portfolio and retailing capabilities. Riding on burgeoning consumerism and increasing aspirations of Indian consumers, USPL is set to expand its presence in India and internationally.
Over the past five years, USPL has been steadily adding to its portfolio of brands catering to distinct segments of the audience in the domestic fashion industry. It has also expanded into the men’s accessories market with its marquee brand WROGN. USPL brands are presently available in Shoppers Stop and online fashion portals Myntra, Jabong and Flipkart, besides Exclusive Brand Stores. Pursuing its omni-channel distribution strategy, USPL has recently opened company owned outlets in key metropolitan cities of the country.
Anjana Reddy, Founder and CEO of USPL said, “I am happy that Accel Partners have once again reposed their trust in us as we move ahead in growing this business. Over the last three years, we have successfully established a market. Today, all three fashion brands from our portfolio are well recognized and are moving to the next level in their respective growth paths. I have always maintained that each of these brands has the potential to emerge as multi-million dollar globally recognized fashion brands. With this investment we will be able to accelerate our growth in this high potential, fashion retail space.”
Neelesh Bhatnagar, owner Dubai based NB Ventures and a strategic partner in USPL said, “The branded apparel segment in India represents a significant growth opportunity. USPL has a high brand recall with the youth, establishing a strong base for rapid growth also Middle East is a big market due to its young population and a potential market for Indian emerging brands.”
Mahendran Balachandran, Partner at Accel Partners India added, ''We are delighted to support USPL’s future plans as they seek to maintain leadership position in India and expand globally.''
Captain of Indian Cricket team and curator of USPL's brand WROGN Virat Kohli said, ''I have always believed that WROGN was the right decision for me and am delighted that Accel Partners have reposed their faith in the potential of the brand. It has been a great experience working with Anjana and her team and I am keenly looking forward to taking WROGN to all the right places in India and beyond.''