Men’s inner wear brand XYXX raises $11 million in funding round
- ByStartupStory | August 25, 2022
Men’s innerwear company XYXX Apparels raises $11 million in its most recent funding round led by Singularity Opportunities Growth Fund. The round included a debt infusion of $2 million from Trifecta Capital.
The round also included participation from current investors such as Sauce Venture Capital and DSG Consumer Partners. Including the most recent round, the brand has already raised $16.9 million. Additionally, the funds will be used to open up contemporary retail, large-format stores, and specialty brand stores.
Yogesh Kabra stated, “We regularly evaluated measures like burn rate, capital efficiency, and gross margins and outperformed them. By the conclusion of the fiscal year, we should achieve operational profitability. The funds from the latest round will be put toward geographic development and enhancing the company’s presence in current markets with a new line of products.”
By February of next year, XYXX, which employs an omnichannel retail strategy, hopes to expand to 30,000 physical contact points, including the opening of 10 exclusive brand locations. The company wants to establish agreements with significant large-format stores and open its first unique brand outlet in Mumbai.
In addition to having an online presence on major ecommerce sites like Amazon, Flipkart, Myntra, and Ajio, the company currently sells its products in 14,000 multi-brand stores distributed across 100 cities.
Yash Kela, the founder of Singularity Opportunities Growth Fund, said, “The mid-premium category of the men’s innerwear and comfortwear market in India represents a $3 billion opportunity. However, for the past ten years or so, there hasn’t been much innovation in fabric, cuts, or designs from the top incumbents. Today’s millennial consumers are eager to try out new designs and goods and are looking for textiles that are more cosy and natural.”
About XXYX
It was founded in 2017 by Yogesh Kabra. XYXX is a modern menswear company that produces and sells items in the categories of innerwear, comfortwear, loungewear, active wear, and winter wear.
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