Surat-based leading men’s innerwear brand XYXX Apparels has raised Rs. 90 crore (about US $ 11 million) in its latest funding round led by Singularity Opportunities Growth Fund.
The round includes a debt infusion of Rs. 15 crore (around US $2 million) from Trifecta Capital, the company said in a statement.
Existing investors, including Sauce Venture Capital and DSG Consumer Partners, also participated in the fundraising round.
As a part of the transaction, Yash Kela, Founder, Singularity Opportunities Growth Fund, will join XYXX’s board of directors.
Including the latest round, the brand has so far raised Rs. 135 crore (US $16.9 million).
Following omnichannel retail approach, the brand is currently present at 14,000 multi-brand outlets (MBOs) spread across 100 cities, in addition to having an online presence across e-commerce majors.
It has plans to scale its offline presence to 30,000 physical touch points by February 2023, including the launch of 10 exclusive brand outlets (EBOs).
XYXX, which is almost six years old,is a new-age menswear brand known for innerwear, comfortwear, loungewear, activewear and winterwear. Yogesh Kabra, Founder of the company, said “We have consistently checked and excelled at metrics like burn rate, capital efficiency, gross margins, amongst others. We are well on track to become operationally profitable by the end of the financial year.”
The proceeds from the current round will be used for geographic expansion and bolstering its presence in existing markets with new range of products. The funding will also be used to enter into modern retail, large-format stores and exclusive brand stores.
