A Series C round led by Amazon Smbhav Venture Fund raised $13.5 million for the men’s premium innerwear and lifestyle brand XYXX. The round also included contributions from previous backers Sauce.vc, Anicut Capital, Singularity Growth Opportunities Fund, and DSG Consumer Partners.
It’s significant that the company kept the Series C round’s equity and debt capital split a secret. According to a statement from the company, the funds will be used to strengthen XYXX’s position in the men’s apparel and lifestyle market.
A lifestyle company called XYXX specializes in athleisure, loungewear, and underwear made from distinctively high-end materials. The business says it has established a network of more than 18,000 retailers in 50 cities.
In addition to its open website, XYXX claims to be one of the top 3 innerwear brands and sells its products at over marketplaces. The company opened its first location in central Mumbai during the most recent fiscal year (FY23), and it now has plans to open new stores in Indore, Bangalore, and north Mumbai.
XYXX stated that it had experienced over 95% growth in FY23, but it provided no financial information for the previous fiscal year or the current average revenue run rate (ARR). According to the company’s annual financial statement filed with the Registrar of Companies (RoC), operating revenue for FY22 was Rs 55.77 crore, while losses totaled about Rs 16.42 crore.