Flipkart to invest in USPL
While the financial details of the investment were not disclosed, Flipkart said it will work closely with the USPL team to deepen product offerings on its platforms
New Delhi: The Flipkart Group on Thursday announced a strategic investment in USPL – a premium youth-focused fashion firm that operates brands like Wrogn – in a bid to strengthen its fashion portfolio. While the financial details of the investment were not disclosed, Flipkart said it will work closely with the USPL team to deepen product offerings on its platforms.
“This is a Series F funding for USPL from the Flipkart Group along with participation from existing investor Accel Partners. This investment will significantly step-up the online strategy of USPL by strengthening the existing long-standing engagement between USPL and Flipkart Group,” a statement said. In October 2018, Universal Sportsbiz Pvt Ltd (USPL) had announced raising $13.5 million (around Rs 100 crore) from investors, valuing the company at around Rs 1,200 crore. The series E round saw participation from investors including Accel Partners and Alteria Capital Advisors.
The latest development comes close on the heels of Walmart-owned Flipkart Group’s Rs 1,500 crore investment in Aditya Birla Fashion and Retail Ltd (ABFRL) that was announced on October 23. With this infusion, Flipkart Group will own 7.8 per cent equity stake in ABFRL on a fully diluted basis, a statement had said.
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