Flipkart to invest in USPL to enhance its fashion portfolio
Flipkart Group on Thursday announced a strategic investment in USPL in a bid to strengthen its fashion portfolio. The Indian e-retail giant today announced that through this investment, Flipkart will work closely with the USPL, which is a youth-focused fashion brand to deepen product offerings on its platforms.
This is a series F funding for USPL from the Flipkart Group and it is in addition to the participation of the fashion brand's 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.
As far as the fashion brand USPL is concerned, the company uniquely caters to the design and fitment needs of the young Indian. The company's brands are also present in over 750 offline retail outlets in 100+ cities across India and it has been growing at a rate of 40% - 50% year-on-year.
“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,” Kalyan Krishnamurthy, CEO, Flipkart Group said on the occasion.
“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…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,” Anjana Reddy, Founder & CEO, USPL, said on the occasion.
Notably, the development comes days after Flipkart acquired Intellectual Property from Mech Mocha, which is a mobile gaming startup that runs India's first live-social gaming platform 'Hello Play' in a bid to help the e-commerce company strengthen its gaming strategy.