Universal Sportsbiz gets Rs 46 cr funding from Accel Partners

Universal Sportsbiz Pvt Ltd (USPL) today said it has received Rs 46 crore (USD 7.5 million) funding from its existing investor Accel Partners and it will be invested on foraying into new markets and segments.
"The second round of funding follows the initial investment by Accel Partners of Rs 17.25 crore in July, 2012. The present round of investment will be used to accelerate USPL's growth plans," the company said in a statement.
USPL Founder Anjana Reddy said: "The additional capital will accelerate our expansion plans of foraying into new markets and newer segments consolidating our pole position in the celebrity fashion line industry."

USPL's portfolio brands includes Wrogn, Imara and Collectabillia.
The company said it will "deploy the funds raised through the just concluded Series-B funding to expand the distribution network for Wrogn and Imara across the country as also scaling up the branding efforts for the company's offerings."
It plans to enhance the network presence from 30 stores to over 75 stores for Imara and from 38 stores to 70 stores for Wrogn.