XYXX Secures Funding to Enhance Lifestyle Brand Presence

XYXX, a premium innerwear and lifestyle brand tailored for men, is obtaining Rs 30 crore ($3.6 million) in a funding initiative led by Niveshaay Sambhav Fund. This funding round also sees contributions from Anicut Capital, DSG Consumer Fund, and Sauce Continuity Fund.

The board at XYXX has approved a special resolution to issue 1,81,818 Series B2 CCPS at an issue price of Rs 1,650 each to raise the targeted amount, as revealed in a regulatory filing from the Registrar of Companies.

Niveshaay Sambhav Fund will provide an investment of Rs 9.93 crore, while contributions from Anicut Capital, Sauce Continuity Fund, and DSG Consumer Partners will amount to Rs 7.95 crore, Rs 4.96 crore, and Rs 1.99 crore respectively. Additional investments will come from Singularity Growth, Selenium Trust, Veena Merchants, and Arun Venkatachalam HUF.

The funds raised will be allocated to capital expenditures and working capital needs for ongoing operations. Based on estimates from Startup Superb, XYXX will be valued at approximately Rs 820 crore after this funding round.

About XYXX: A Rising Lifestyle Brand

XYXX is a dynamic lifestyle brand focusing on underwear, loungewear, and athleisure crafted from high-quality materials. The company reports having established a network of over 18,000 retailers across 50 different cities.

In addition to its official website, XYXX also operates on various e-commerce platforms, positioning itself as one of the top three innerwear brands in the market. In FY23, the brand inaugurated its first store in central Mumbai and is set to expand with new retail locations planned for Indore and Bangalore.

Funding Journey of XYXX

To date, XYXX has successfully raised Rs 250 crore, with Rs 110 crore coming from the Amazon Smbhav Venture Fund in May 2023. As indicated by startup data intelligence sources, prior to this latest funding round, Sauce.vc held the position of the largest external stakeholder, followed closely by DSG Consumer Fund and Amazon Smbhav Venture Fund.

XYXX has experienced impressive growth, achieving a 25% increase in revenue year-on-year, climbing from Rs 105 crore in FY23 to Rs 131 crore in FY24. Concurrently, the company has managed to reduce its losses by 22.2%, reporting Rs 35 crore in losses for FY24.