Men’s lifestyle brand XYXX raises Rs 90 crore
Men’s lifestyle brand XYXX has raised Rs 90 crore ($11 million) in a series B round led by Singularity Growth Opportunities Fund. Trifecta Capital, Sauce Venture Capital and DSG Consumer Partners also participated in the funding round.
The investment will see Yash Kela, founder of Singularity Growth Opportunities Fund join XYXX’s board of directors.
The brand will utilise the funds to increase sales, marketing capabilities, and fuel product development.
Commenting on the investment, Yash Kela, founder of Singularity Growth Opportunities Fund in a statement said, "The men's innerwear and comfortwear industry in India is a $3bn opportunity in the mid - premium segment. But it has seen limited innovation on fabric, cuts, or designs in the last decade or so from the leading incumbents. Today, millennial customers are looking for more comfortable and natural fabrics (micromodal, supima cotton) and are keen to experiment with new designs and products.”
Yogesh Kabra, founder XYXX added, “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 have already achieved profitability at the Contribution Margin 2 level and have been looking at a double-digit margin for the past two quarters. We are well on track to become operationally profitable by the end of the financial year.”
Founded by Yogesh Kabra in 2016, the Surat-based brand is currently present in over 14,000 multi-brand outlets. In addition to this, XYXX also retails on marketplaces such as Amazon, Flipkart, Myntra, Ajio, amongst others.
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