Flipkart is investing in Bengaluru-based fashion brand Universal Spotsbiz (USPL), the e-commerce company announced on Thursday. Universal Sportsbiz, backed by former Indian cricketer Sachin Tendulkar, owns brands such as Wrogn. The company, however, did not reveal financial details for this deal.
This is a Series F funding for Universal Sportsbiz from Walmart-owned Flipkart, which also saw participation from existing investor Accel Partners, the company said. Universal Sportsbiz’s apparels are also available at over 750 offline retail outlets, and the company has been growing at 40-50% year-on-year, Flipkart claimed. Universal Sportsbiz has three major offerings — Wrogn, Imara, and Ms. Taken. Wrogn is endorsed by Indian men’s cricket team captain Virat Kohli.
Flipkart said that Wrogn is one of the highest selling apparel brands on Myntra, Flipkart’s dedicated apparel e-commerce portal. “Post pandemic recovery has been great for us and we are at ~80% of pre-COVID sales,” Anjana Reddy, founder and CEO of Universal Sportsbiz said in a statement.
Flipkart has been on a spending spree lately. The investment into Universal Sportsbiz comes just weeks after Flipkart invested ₹1,500 crore for a 7.8% share in Aditya Birla Fashion and Retail, to sell its apparel brands — Allen Solly, Peter England etc. — on its platform. The company is likely working to strengthen its fashion offerings, an area where it arguably has an edge over rival Amazon.
On November 3, the company acquired intellectual property rights from mobile gaming startup Mech Mocha, in a bid to scale its gaming efforts. Before that in July, Flipkart had invested ₹260 into Arvind Fashions — which owns Flying Machine — in return of a minority stake in the company.
- Flipkart acquires gaming startup Mech Mocha’s IP, employees, to scale its gaming efforts
- Flipkart invests ₹1,500 crore in Aditya Birla Fashion and Retail
- Amazon serves Future Group subsidiary with legal notice after Reliance Retail acquisition: Reports
- Reliance Retail gets investments worth ₹19,110 crore from private equity firm, sovereign funds
- Amazon to acquire 49% equity stake in Future Coupons