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Sachin Tendulkar-backed Universal Sportsbiz secures Rs 30 Cr debt funding from Alteria Capital

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Sachin Tendulkar-backed Universal Sportsbiz secures Rs 30 Cr debt funding from Alteria CapitalCricket icon Sachin Tendulkar-backed celebrity fashion company Universal Sportsbiz has raised debt funding of ₹30 crore from venture debt firm Alteria Capital.

This is the second investment from Alteria Capital’s maiden ₹1,000-crore fund after it funded foodtech startup Fingerlix.

The Bengaluru-based company raised ₹30 crore through non-convertible debentures, ₹2.3 lakh in equity and ₹2.9 crore in outstanding preferential shares from Alteria Capital, as per filings sourced from Paper.vc.

The company did not respond to queries about the purpose of this funding, especially after it had raised ₹100 crore from existing investor Accel Partners at a valuation of $100 million in November 2017.

Vinod Murali, managing partner at Alteria Capital, said venture debt is often sought along with an equity round to have working capital and to facilitate expansion plans. “The company’s growth has been consistently strong, and the opportunity for a brands business is big in the country,” said Murali, who had facilitated funding in Universal Sportbiz from InnoVen Capital in 2015.

CEO Anjana Reddy had told ET in January that the company was set to have 30 exclusive business outlets by March, apart from the 250 points of sale it had through Shoppers Stop.

ET had reported that Universal Sportsbiz’ revenue increased more than 75% to ₹107 crore in 2016-17 from ₹60 crore in the year before, while its losses increased to ₹27 crore from ₹22 crore during this period.



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