A Series C investment led by Amazon Smbhav Venture Fund garnered Rs. 110 crore for the men’s premium innerwear and lifestyle brand XYXX. The round also included contributions from previous backers Sauce.vc, Anicut Capital, Singularity Growth Opportunities Fund, and DSG Consumer Partners.
It’s significant that the company kept the Series C round’s equity and debt capital split a secret. According to a statement from the company, the funds will be utilised to strengthen XYXX’s position in the men’s apparel and lifestyle market.
XYXX is a lifestyle brand that specialises in athleisure, loungewear and knickers manufactured from distinctively high-end materials. The business says it has established a network of more than 18,000 stores in 50 locations.
In addition to its open website, XYXX claims to be one of the top 3 innerwear brands and sells its products through numerous marketplaces. The company opened its first location in central Mumbai during the most recent fiscal year (FY ’23), and it currently has ambitions to open other stores in Indore, Bangalore, and north Mumbai.
XYXX stated that company had experienced over 95 per cent growth in FY ’23, although it provided no financial information for the previous fiscal year or the current average revenue run rate (ARR). According to the company’s annual financial statement filed with the Registrar of Companies (RoC), operating revenue for FY ’22 was Rs. 55.77 crore, while losses was about Rs. 16.42 crore.
“We’ve seen rapid growth, right from our inception in 2016, and we plan to use the investment to keep doing more of the same, focusing on our core product categories and driving efficiency and profitability through greater scale and better use of technology,” Yogesh Kabra, Founder, XYXX said in a statement.
