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Accel: Accel invests Rs 100 crore more in Tendulkar-backed Universal Sportsbiz

MUMBAI: Cricket legend Sachin Tendulkar is set to hit another century on a completely different wicket. Accel Partners, famed for its early stage investments in some of the world’s most famous companies including Facebook and Flipkart, has agreed to invest Rs 100 crore in a company backed by the former cricketer.Accel picked a little over 15% in youth fashion company Universal Sportsbiz (USPL) in a follow-on round of investment, valuing the celebrity fashion company at about $100 million or Rs 650 crore, multiple sources with knowledge of the matter told ET.

An agreement has been signed and a formal announcement is expected early this week, said sources, who declined to be named as the conversations were still private. Both USPL and Accel Partners declined to comment on the development. Tendulkar was not immediately available for comment.Set up in 2012 by former national level badminton player Anjana Reddy, the legendary cricketer was one of the first investors in the company. Tendulkar has a significant minority stake in the firm, and USPL is among the few home-grown companies with a significant presence in the multi-billion dollar celebrity fashion lines business. Its celebrity fashion lines include of Virat Kohli and Shraddha Kapoor under Wrogn and Imara brands.

USPL will use the funds to strengthen its product portfolio and expand presence across the country, especially in the mini-metros, sources said.USPL has raised successive rounds of funding from top investors including Accel in previous rounds. It had first raised Rs 46 crore from Accel in 2015 and another Rs 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 and with this round of funding, the company has benefited from venture funds of Rs 260 crore in the past five years. USPL is looking to tap the international markets targeted at the Indian and Asian diaspora.





Source: Et.retail.com,India


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