XYXX, men’s premium innerwear and lifestyle brand has raised Rs 110 crore in series C finding round, led by Amazon Smbhav Venture Fund.
According to an official statement that the brand continues to be backed in this round by all existing institutional investors including Sauce.vc, Anicut Capital, DSG Consumer Partners and Singularity Growth Opportunities Fund.
The investment highlights XYXX’s impressive expansion and high consumer demand for its modern product offerings in both traditional and online retail channels. This funding declaration strengthens XYXX’s position in the men’s apparel and lifestyle industry.
Yogesh Kabra – Founder, XYXX comments, “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.”
The company has built a vast network of 18,000+ retailer partners across India, mapping a network of 150+ cities and towns.
Amazon Smbhav Venture Fund, through its official spokesperson, stated “Our vision with the $250MM 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.”
XYXX retails on 14 key digital marketplaces such as Amazon, Flipkart, Myntra, Ajio, amongst others where they have firmly cemented their position amongst the top 3 innerwear brands, for 3 years in a row.
On further expansion plans, Kabra said, “To sustain our current hyper-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.”
According to him, the brand will launch its Silver Cotton-made range of innerwear in an array of signature XYXX designs across channels opening up the brand to a completely different market and consumer set, backed by its 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,” he added.