Universal Sportsbiz Pvt Ltd, USPL (1), a Bengaluru-based fashion startup, has secured 26 million USD or about 19.3 crore INR from Virat the Indian’s cricket team captain. Moreover, Cornerstone Sports LLP, a sports talent management firm representing Kohli, also participated in the financing round.
According to the reports, USPL has allocated 4282 equity shares to the two investors at the nominal value of 10 INR per share with a premium of 47,561 INR per share. Virat Kohli has scooped 3046 equity shares of 13.76 Crore INR or 1.8 Million USD whereas, Cornerstone Sports LLP has picked up 1,236 equity shares worth of 5.58 Crore INR or 760,000 USD.
Moreover, the company has already received 72 lakh INR or 98,000 USD from Virat Kohli, 29 Lakh INR, or 40,000 USD from Cornerstone Sports LLP.
Virat Kohli and Universal Sportsbiz Relationship
Virat Kohli has previously also invested in the Sport Convo, a London-based social media startup. The platforms offer to bridge the gap between sports stars and fans. Moreover, he had also invested 2.5 Crore INR or 340K USD in Digit Insurance, an insurtech startup, in February. Notably, his wife, Anushka Sharma, and Cornerstone Sports LLP also participated in the funding round.
It is noteworthy that the relationship between Virat Kohli and Universal Sportsbiz is not new. The company had previously forged several partnerships with famous sports and movie personalities for its apparel brands, sold to customers via online and offline channels. It had previously collaborated with Virat Kohli for his fashion brand Wrogn.
Previously, Universal Sportsbiz had also secured 13.5 million USD or 100 Crore INR in its Series E funding round. The infusions’ valuation reached 163 million USD or 1200 crore INR from Accel Partners, an American Venture Capital in 2017. It also considers the former Indian cricketer Sachin Tendulkar as an investor.