XYXX’s vision is to use the Series A funding to strengthen its physical presence in India by 3X and have up to 15,000 retail points across the country in the next 12 months.
In a recent Series A round of funding, XYXX, a millennial-friendly brand in the men’s innerwear and comfort-wear space, has raised Rs 30 crore from DSG Consumer Partners and Synergy Capital Partners with Sauce.vc leading the round.
Sauce.vc invested INR 6 crores in this Surat-based brand in a pre-Series A round of fundraising.
XYXX specializes in men’s underwear and loungewear, made from naturally sourced, eco-friendly fabrics and with a fashionable, well-designed edge. This homegrown Indian brand was founded in the year 2016 by Yogesh Kabra.
Yogesh Kabra, Founder of XYXX Apparels Pvt Ltd, said, “Developing better basics starts with fabric innovation and each of our fabrics scores on a range of performance and comfort parameters. Our products are designed to be gentle on the skin, eliminate all unwanted friction, and move with you. This level of attention to detail is in our DNA.
“Our mission is to challenge the status quo and strengthen our position as a proudly homegrown brand at the forefront of clothing technology for unrivaled comfort. In the last year itself, we have witnessed tremendous growth of over 300 percent as compared to pre-pandemic levels. We are happy to have found the perfect partners in DSG Consumer Partners, Synergy Capital Partners, and Sauce.VC to achieve the shared vision of reaching market leadership in the long term.”
On the avenues for allocation of the funds, Yogesh said, “We are looking forward to building our brand narrative and community on the tenets of clarity, trust, and conversation. We want to build a world-class customer experience and make buying basics something men would look forward to rather than consider a chore. To craft clothing that ticks all the boxes of functionality, comfort and performance are our true north.”
With this current fundraising, the company aims to use resources to expand the product portfolio, strengthen retail presence, and build brand awareness.
“We aim to strengthen our physical presence in the country by 3X and have up to 15,000 retail points across the country in the next 12 months,” he said.
This startup is present on all major e-commerce marketplaces including Amazon, Myntra, Flipkart, and Ajio, and 6,000 strategic offline outlets. Moreover, they have their rand’s website: xyxxcrew.com where people can buy from as well.
During the covid-19 pandemic, the revenues jumped by over 300 percent as compared to the pre-covid scenario.
Commenting on the investment, Manu Chandra from Sauce.VC said, “XYXX has consistently kept a razor-sharp focus on innovation and consumer insight, which has not only helped them create a stir in the market but also firmly established them as a force to reckon with in the segment within four years since inception. We’re proud to continue investing in a brand that leads the charge with technology-backed, sustainable alternatives in the segment.”
One of the fastest-growing fashion categories in the Indian subcontinent is the innerwear segment. the segment is expected to grow at a healthy 7% CAGR with a reach of up to Rs. 21,800 crore by 2028
“XYXX is a unique brand with a differentiated offering best suited to capitalize on this massive opportunity. Their clarity of purpose and consistent performance both on the business and product fronts is exceptional. We’re thrilled to join forces with Yogesh and the team in their mission to build a market-leading brand over the next decade,” added Hariharan Premkumar, DSG Consumer Partners.
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