Xyxx inks Rs 6 crore in series funds; to invest in product, marketing
today Sep 6, 2019
Xyxx has received a Rs 6 crore ($902,000) seed funding investment from the venture capital fund, Sauce.vc, the brand announced in a press release on September 6. As well as increasing sales and marketing capabilities, Xyxx will use the funds to fuel product development.
“Xyxx is really excited about the belief our investors have placed in our mission to expand and provide fun and comfort to customers across India,” said the brand’s founder Yogesh Kabra.
“As a brand, we would like to introduce Xyxx as a fun, quirky yet comfortable essential that has unique propositions to offer. This investment from Sauce.vc is a move in this direction, and is bringing us closer to our goal of allowing everyone to experiment and try out our brand. The investment will also help us rapidly scale across new markets.”
"Xyxx has grown fivefold in as many months, beating all our estimates, that too in a very capital efficient manner with better than industry margins,” said Sauce.vc’s founder and managing director Manu Chandra. “Growth will be driven by an exciting pipeline of new product and category launches, opening up of new geographies in India as well as new channels. Some deep brand initiatives are also being undertaken over the next two quarters. We are very excited about the continued success of our first portfolio company in the fund."
The brand has also recently moved its headquarters to Mumbai and will continue to keep Surat as its production hub. Since moving to Mumbai, Xyxx has appointed former Shoppers Stop managing director Govind Shrikhande to its marketing team.
Xyxx retails a range of men’s innerwear including trunks, briefs, boxers, jockstraps, vests, pyjamas, and t-shirts. The brand retails from its dedicated e-commerce store, as well as a range of multi-brand online and offline stores and is currently focusing its retail expansion across Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Goa, Chhattisgarh, Punjab, and Delhi.
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