Men’s premium innerwear and lifestyle brand XYXX has secured Rs 90 crore ($11.15 million) in its Series B round of funding led by Singularity Opportunities Growth Fund. Existing investors Sauce Venture Capital and DSG Consumer Partners also joined the equity round while Trifecta Capital has infused Rs 15 crore debt.
Following the investment round, Yash Kela, the founder of Singularity Opportunities will join XYXX’s board of directors. The company will use proceeds to foray into newer markets and categories in the coming months, it said in a press statement.
Founded by Yogesh Kabra, XYXX is a home grown Indian brand that specialises in underwear, loungewear and activewear for men. The company focuses on tech s to deliver exceptional quality, hyper functionality as well as affordability.
XYXX claims to have a presence in over 14,000 multi-branded outlets which span 100 cities. The company also retails on marketplaces such as Amazon, Flipkart, Myntra, Ajio and others. According to XYXX, it saw growth of 300% in FY22 and is targeting a 200% growth in net sales by the end of the ongoing fiscal year (FY23). It plans a presence in 30,000 physical touch points by February 2023 which includes 10 exclusive brand outlets.