XYXX, men’s innerwear brand, has raised Rs. 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.
The company said in a statement that 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 at strengthening its physical presence and aims to have its products available across 15,000 retail points in India over the next year.
Yogesh Kabra, Founder, XYXX said, “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 per cent (in revenues) as compared to pre-pandemic levels. We are happy to have found the perfect partners in DSG Consumer Partners, Synergy Capital Partners.”
Started in 2016, XYXX is a homegrown Indian brand that specialises in underwear and loungewear for men, made from eco-friendly fabrics.
“XYXX has consistently kept a razor-sharp focus on innovation and consumer insight. As the loungewear segment witnesses rapid growth amongst 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, Sauce.vc.
Projected to reach Rs. 21,800 crore by 2028, the innerwear segment is one of the fastest growing fashion categories in the Indian subcontinent. The segment is expected to grow at 7 per cent compounded annual growth rate.