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.
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 Kapoorunder Wrogn and Imara brands.
Sachin Tendulkar, the legendary cricketer was one of the first investors in the company Universal Sportsbiz.
USPL will use the funds to strengthen its product portfolio and expand presence across the country, especially in the mini-metros, sources said.