Bengaluru November 5, 2020: 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.
Ms. Anjana Reddy, Founder & CEO, USPL, said, "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, "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 "This transaction reflects strong synergy potential between USPL and Flipkart Group".
About USPL
Founded in 2015, USPL is home to India's premier youth-focused fashion brands. USPL's brand portfolio includes renowned youth-focused brands across men's wear and women's wear, such as:
Wrogn (men's casual wear brand)
Imara (women's ethnic wear brand)
Ms. Taken (women's western wear brand)
Single (men's casual wear brand)
Wrogn Active (men's athleisure line)
USPL brands are retailed through ~800 points of sale. In the offline space, USPL brands are available in large format retail stores, multi-brand outlets and Wrogn & Imara exclusive brand stores. On the online front, products are primarily distributed through Flipkart and Myntra besides USPL's own website.
About the Flipkart Group
The Flipkart Group is one of India's leading digital commerce entities and includes group companies Flipkart, Myntra, and PhonePe. Started in 2007, Flipkart has a registered customer base of over 250 million, offering over 150 million products across 80+ categories. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns. The recent launch of Flipkart Wholesale is a testament to its commitment to accelerate the growth of kiranas and MSMEs in India.
