The Flipkart Group on Thursday introduced a strategic funding in USPL, a premium youth-focussed trend model home, with a view to improve its trend portfolio. Publish deal, it’ll work with the USPL staff to deepen product choices on its platforms.
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For USPL, it’s a Sequence F funding spherical, with participation from present investor Accel Companions, mentioned an organization assertion. Excluding this undisclosed spherical, USPL, which is backed by NB Ventures and Alteria Capital other than Accel, has raised a complete of $33.four million.
Based in 2015, USPL, which has been rising at 40-50 per cent YoY, has constructed a portfolio of premier youth-focussed trend manufacturers. Wrogn, its flagship model, is among the quickest rising males’s informal put on manufacturers in India at scale and has been amongst the main manufacturers on Myntra over the previous few years, the assertion mentioned. Imara (ladies’s ethnic put on), Ms Taken (ladies’s western put on), Single (males’s informal put on) and Wrogn Energetic (males’s athleisure) are its different manufacturers.
On-line and offline presence
USPL manufacturers are current in over 750 offline stores in additional than 100 cities throughout India together with 50 Wrogn and Imara unique model shops, the discharge mentioned. On the web entrance, merchandise are primarily distributed by means of Flipkart and Myntra apart from USPL’s personal web site.
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“The previous couple of months have offered an excellent alternative for us to consolidate our market management amongst homegrown manufacturers catering to the youth and broaden our market share,” mentioned Anjana Reddy, founder and CEO, USPL. “Publish pandemic, restoration has been nice for us and we’re at 80 per cent of pre-Covid gross sales. Through the time when the world is transferring in the direction of omni-channel retailing, we are able to considerably strengthen our on-line technique by working with Flipkart and Myntra, the 2 outstanding gamers within the Indian on-line trend area.”
Kalyan Krishnamurthy, CEO, Flipkart Group, mentioned: “It’s our fixed endeavour to supply our prospects a variety of merchandise that meet their sensibilities. USPL’s distinctive manufacturers, backed by superstar endorsements, have a powerful attraction for the younger fashion-driven Indian client. This funding will assist USPL and the Flipkart Group discover deeper synergies as we proceed on our dedication to develop an ecosystem of partnerships that ship worth for customers and types.”