Bengaluru-based fashion startup USPL raises Rs 100 crore

Bengaluru-based fashion startup USPL on Tuesday announced that it has raised around Rs 100 crore from its existing investor Accel Partners.

With this round of funding, the valuation of USPL has crossed $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.

USPL will deploy the funds raised through this round of investment for continued expansion in product portfolio and retailing capabilities. 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, "Today, all three fashion brands from our portfolio are well recognised and are moving to the next level in their respective growth paths. 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."