XYXX, a men’s premium innerwear and lifestyle brand, has announced the close of its ₹110 crore (approx $13.5 million) Series C funding round, led by Amazon Smbhav Venture Fund.
XYXX also saw the participation of its existing institutional investors such as Sauce.vc, Anicut Capital, DSG Consumer Partners and Singularity Growth Opportunities Fund.
Commenting on the funding, Yogesh Kabra - Founder, XYXX said, “We are thrilled to welcome Amazon into our investor group. We’ve seen rapid growth, right from our inception in 2016 and we plan to use the investment to keep doing more of the same, focusing on our core product categories and driving efficiency and profitability through greater scale and better use of technology.”
Amazon Smbhav Venture Fund, through its official spokesperson said, “Our vision with the Amazon Smbhav Venture Fund is to empower the next generation of innovative, ground-breaking companies led by visionary founders. We are impressed with the XYXX management team led by Yogesh Kabra and their ability to continuously serve consumers with high-quality differentiated selection across categories and multi-channel distribution. In a short time, XYXX has created strong brand recall with their relentless focus on product market fit and we are excited to work with them for their next phase of growth.”
Exclusive outlet in Mumbai
XYXX retails on 14 digital marketplaces such as Amazon, Flipkart, Myntra, Ajio, amongst others. In FY 2023, the brand witnessed the launch of XYXX’s first exclusive brand outlet (EBO) in central Mumbai, soon to be followed by three more EBO’s in Indore, Bangalore and north Mumbai. The brand aims to open another six stores and double the EBO scale in FY24.
On further expansion plans, Kabra said, “To sustain our current growth trajectory, our immediate focus lies on expanding, both in scale and scope. General trade will continue to be our most important sales channel as we go deeper within existing markets. We will launch our Silver Cotton-made range of innerwear in an array of exciting signature XYXX designs across channels opening up the brand to a completely different market and consumer set, backed by our extensive retail and online distribution network. In line with our goal to build brand salience, we are also looking to strengthen EBO presence across the west and south of India. Finally, adding large format doors with a razor-sharp focus on commanding shelf space to become the brand of choice for the new-age consumer, continues to be one of our primary objectives.”