Surat-based premium men’s innerwear brand, XYXX Apparels has raised pre-Series A round of funding worth Rs. 6 crore from an early-stage consumer-focused venture capital fund Sauce.vc.
This takes the total capital it has raised so far to Rs. 8 crore.
The brand will primarily use the capital to aggressively expand its sales and marketing efforts. In addition, the start-up will also focus on broadening and accelerating product development.
Founded by Yogesh Kabra, XYXX Apparels offers premium-range innerwear and loungewear in the men’s category. It largely retails its products on online portals such as Amazon and Flipkart and at offline multi-brand outlets in some regions.
The company has added more than 800 units in multi-brand outlets and aims to add 200 such stores every month.
Talking about it, Manu Chandra, Founder and Managing Partner at Sauce.vc, said “Multi-brand outlets can help the company reach the maximum number of consumers. We want to be present in more multi-brand outlets and large-format brands such as Central. With a top team in place and significant investment in back-end systems, we have everything we need to scale to the next level.”
He then added “Growth will be driven by an exciting pipeline of new product and category launches, opening up of new geographies in India as well as new channels.”
This March, XYXX secured its first round of seed funding of Rs. 2 crore from Sauce.vc., and Govind Shrikhande, ex-MD of Shoppers Stop, has joined the brand as a Senior Advisor.
The start-up claims that it is registering net sales worth Rs. 1.5 crore a month. The fresh capital will help the innerwear maker increase monthly sales to around Rs. 3 crore.