Men-focused premium innerwear and lifestyle brand XYXX has raised $13.5 million in a Series C round led by Amazon Smbhav Venture Fund. Existing backers Sauce.vc, Anicut Capital, Singularity Growth Opportunities Fund and DSG Consumer Partners also joined the round.
Importantly, the firm didn’t disclose the equity and debt capital split in the Series C round. The proceeds will be used to strenththen XYXX’s positioning in the men’s apparel and lifestyle space, the company said in a statement.
XYXX is a lifestyle brand that specializes in underwear, loungewear and athleisure, made from distinctly premium fabrics. The company claims to build a network of over 18,000 retailers across 50 cities.
Besides its open website, XYXX retails at over marketplaces and claims to be amongst the top 3 innerwear brands. In the last fiscal year (FY23), the firm launched its maiden store in central Mumbai and now has plans to set up new outlets in Indore, Bangalore and north Mumbai.
This is the second major funding in the apparel space on Monday. Earlier today, sportswear and athleisure focused firm Agilitas Sports raised over $50 million led by Convergent Finance LLP. Agilitas Sports’ co-founders: Abhishek Ganguly, Atul Bajaj and Amit Prabhu were top leaders of Puma in India and SEA.
XYXX has claimed over 95% growth in FY23 but it didn’t give any financial numbers for the last fiscal and current average revenue run rate (ARR). During FY22, the company posted an operating revenue of Rs 55.77 crore while its losses stood at around 16.42 crore, according to its annual financial statement with the Registrar of Companies (RoC).