Fashion
XYXX Menswear Brand Raises INR 30 Cr in Series A Funding
XYXX will use the fresh funds to expand its physical presence with the goal of making its products available in 15,000 retail outlets
Prior to that, XYXX had raised 6 Cr INR from Sauce.vc, as part of its pre-series A fundraiser.
According to the latest funding data from Inc42 Plus, in the first quarter of 2021, D2C startups raised $ 142 million, or 27% of total ecommerce startup funding.
Men’s clothing brand based in Surat XYXX raised INR 30 crore as part of its Series A financing of DSG Consumer Partners and Synergy Capital Partners with the participation of existing investor Sauce.vc.
According to the company’s statement, it will use the new funding to expand its physical presence with the goal of having its products available in 15,000 retail outlets across the country over the next year.
Prior to that, XYXX had raised 6 Cr INR from Sauce.vc, as part of its pre-series A fundraiser. Sauce.vc is a consumer-focused startup investment fund that made similar investments. in brands such as Bare Anatomy, Gobbly, Postcard, Misters and others.
Founded in 2016 by Yogesh Kabra, XYXX is a direct-to-consumer (D2C) brand that offers a range of men’s underwear made from a plant-based body temperature control fabric. It is currently retailed through over 6,000 strategic offline outlets and all major e-commerce markets including Amazon India, Myntra, Flipkart and Ajio.
Our mission is to challenge the status quo and strengthen our position as a proudly local brand at the forefront of wearable technology. In the past year itself, we’ve seen a massive growth of over 300% (in revenue) from pre-pandemic levels. We are happy to have found the perfect partners in DSG Consumer Partners, Synergy Capital Partners, ”Kabra, founder of XYXX said in a statement on June 16.
According to Hariharan Premkumar of DSG Consumer Partners, the underwear segment is one of the fastest growing fashion categories in the Indian subcontinent. The market is expected to reach INR 21,800 crore by 2028, with a compound annual growth rate (CAGR) of 7%.
D2C startups have recently gained the attention of investors in recent quarters. According to the latest funding data from Inc42 Plus, during the fiscal quarter ended March 2021 (Q1 2021), D2C startups raised $ 142 million, or 27% of total ecommerce startup funding. More importantly, between Q1 2020 and Q1 2021, the amount of funding for D2C startups saw an average quarterly growth of 93%.
Some of the top Indian D2C startups to raise funds in the first quarter of 2021 include consumer electronics tech startup boAt, which has raised $ 100 million in Warburg Pincus funding round; Sugar cosmetics, who raised $ 21 million in a Series C round led by Elevation Capital; and, personal care brand Juicy chemistry, which raised $ 6.3 million in a Series A funding round led by Belgian family-owned private investment firm Verlinvest. Bombay Shaving Company, Zouk and Bewakoof were among other top D2C startups that raised funds in the first quarter of 2021, ending in March.
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