Accel invests $15m in Indian fashion retailer

According to a statement, the investment brings the company’s valuation to more than $100 million. The fresh capital will be used to extend the company’s product portfolio, improve marketing capabilities and pursue a global expansion.

USPL received about $10 million from Accel across two rounds in 2012 and 2015. Previous investors also include Innoven Capital India and former cricket star Sachin Tendulkar.

“The branded apparel segment in India represents a significant growth opportunity,” Neelesh Bhatnagar, owner of Dubai-based NB Ventures and a strategic partner in USPL, said. “USPL has a high brand recall with the youth, establishing a strong base for rapid growth. The Middle East is a big market due to its young population and a potential market for Indian emerging brands.”

USPL’s product lines include women’s ethnic fashion brand Imara and a women’s Western-style brand known as Ms Taken. The company also markets a men’s casual wear brand called Wrogn, which is curated by Virat Kohli, captain of the Indian national cricket team.

Investor interest in Indian fashion is driven by growth in aspirational consumerism and online shopping. Previous activity includes a $140 million round for women’s apparel company TCNS Clothing and a $20 million round for personalized fashion portal Voonik. Earlier this year, Sistema Asia Fund led an $8 million round for online fashion marketplace Wooplr.

Accel has been active in this space with participation in a $50 million round for online clothing retailer Myntra Designs. Myntra carries all of USPL’s brands and was acquired by Flipkart in 2014 for around $300 million.

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• Topics
• South Asia
• Consumer
• Expansion
• India
• Accel Partners
• manufacturing
• e-commerce