Flipkart Group to invest in USPL to enhance its fashion portfolio
Series F Funding for USPL includes participation from existing investor Accel Partners
The Flipkart Group today announced a strategic investment in USPL, a premium youth-focused fashion brand house, as Flipkart strengthens its fashion portfolio. Through this investment, the Flipkart Group will work closely with the USPL team to deepen product offerings on its platforms.
USPL has built a portfolio of premier youth-focused fashion brands that uniquely cater to the sensibilities, design and fitment needs for the young Indian. Wrogn, USPL’s flagship brand, is one of the fastest growing men’s casual wear brands in India at scale and has been amongst the leading brands on Myntra over the last few years. USPL brands are also present in 750+ offline retail outlets in 100+ cities across India - demonstrating strong presence in both online and offline channels. USPL has been growing at 40-50% YoY.
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.
Speaking on this development Ms. Anjana Reddy, Founder & CEO, USPL, said, “Over the years USPL has been the home to some of India’s best-known fashion brands for youth. The last few months have provided a great opportunity for us to consolidate our market leadership among homegrown brands catering to the youth and expand our market share. Post pandemic recovery has been great for us and we are at ~80% of pre-COVID sales. During the time when the world is moving towards omni-channel retailing, we can significantly strengthen our online strategy by working with Flipkart and Myntra, the two prominent players in the Indian online fashion space.”
Kalyan Krishnamurthy, CEO, Flipkart Group, said, “It is our constant endeavour to offer our customers a wide range of products that meet their sensibilities. USPL’s unique brands, backed by celebrity endorsements, have a strong appeal for the young fashion-driven Indian consumer. This investment will help USPL and the Flipkart Group find deeper synergies as we continue on our commitment to grow an ecosystem of partnerships that deliver value for consumers and brands.”
Mahendran Balachandran, Partner, Accel India said “We have been impressed with USPL’s ability to create a bouquet of India’s most admired fashion brands. They have displayed a top-notch pandemic response by quickly pivoting the channel mix leveraging strong digital capabilities. Our faith in USPL has been validated with this new investment. This transaction reflects strong synergy potential between USPL and Flipkart Group