XYXX Secures INR 90 Crore In Series B Funding
XYXX's omnichannel approach has been pivotal to their success across major metros as well as tier I, II and III markets, resulting in an explosive year-on-year growth of 300 per cent in FY22
XYXX, a leading men's premium innerwear and lifestyle label crafting apparel for the Indian men, has raised INR 90 crore in Series B funding round led by Singularity Opportunities Growth Fund, along with Trifecta Capital. The round also saw participation from Sauce Venture Capital and DSG Consumer Partners.
"XYXX has been built on strong business fundamentals and a single-minded focus on the bottom line, throughout our fast paced growth. We have consistently checked and excelled at metrics like burn rate, capital efficiency, gross margins amongst others. We are happy to have Singularity Opportunities Growth Fund as partners in our next phase as we scale new heights and foray into newer categories in the coming months," said Yogesh Kabra, founder, XYXX.
XYXX is currently present in more than 14,000 multi-brand outlets, tapping a network of 100 cities. The brand also retails on 14 key digital marketplaces such as Amazon, Flipkart, Myntra, Ajio amongst others. XYXX's omnichannel approach has been pivotal to their success across major metros as well as tier I, II and III markets, resulting in an explosive year-on-year growth of 300 per cent in FY22. Currently, on a high-growth trajectory, XYXX is projecting a 200 per cent growth in net sales FY23 coupled with a scaling up of physical presence to 30,000 physical touch points by 2023, claimed by the company in a statement.
"Men's innerwear and comfort wear industry in India is a $3 billion opportunity in the mid-premium segment. We are excited to partner with the XYXX team as their passion for developing products is infectious. Their rapid growth over the last year shows their understanding of customers' needs, design prowess and unique value proposition that works across channels," said Yash Kela, founder, Singular Opportunity Growth Fund.
With its innovation-driven product play, XYXX focuses on technological prowess to deliver exceptional quality, hyper functionality as well as affordability.