BackMen’s innerwear label XYXX raises ₹30 cr in Series A funding
The company will use the proceeds from the current fund raise to expand its product portfolio, strengthen its retail presence and build brand awareness
PremiumBengaluru: Men’s innerwear brand, XYXX, on Wednesday said it has raised ₹30 crore as a part of its Series A funding from DSG Consumer Partners and Synergy Capital Partners.
Existing investor Sauce.vc also participated as part of this round.
According to the company, it will use the proceeds from the current fundraise to expand its product portfolio, strengthen its retail presence and build brand awareness. Additionally, XYXX is also looking to strengthen its physical presence and aims to have its products available across 15,000 retail points in the country over the next year.
Founded in 2016, XYXX is a homegrown Indian brand that specialises in underwear and loungewear for men, made from eco-friendly fabrics. The brand also retails across e-commerce platforms including Amazon, Myntra, Flipkart and Ajio.
“Our mission is to challenge the status quo and strengthen our position as a proudly homegrown brand at the forefront of clothing technology. In the last year itself, we have witnessed tremendous growth of over 300% (in revenues) as compared to pre-pandemic levels. We are happy to have found the perfect partners in DSG Consumer Partners, Synergy Capital Partners," said Yogesh Kabra, founder, XYXX.
XYXX has adopted an omnichannel approach to serving its customers. The brand is present in over 6,000 strategic offline outlets along with other major e-commerce marketplaces.
“XYXX has consistently kept a razor-sharp focus on innovation and consumer insight. As the loungewear segment witnesses rapid growth among Indian consumers, we’re proud to continue investing in a brand that leads the charge with technology-backed, sustainable alternatives in the segment," said Manu Chandra, founder and managing partner at Sauce.VC.
“The innerwear segment is one of the fastest growing fashion categories in the Indian subcontinent. Projected to reach ₹21,800 crore by 2028, the segment is expected to grow at a healthy 7% compounded annual growth rate. XYXX is a unique brand with a differentiated offering best suited to capitalize on this massive opportunity," said Hariharan Premkumar from DSG Consumer Partners.
In September 2019, XYXX had raised ₹6 crore from Sauce.vc, as a part of its pre-Series A fundraise.
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