VC Fund Investments
Men’s innerwear brand XYXX raises Rs.30-Cr led by Niveshaay Sambhav Fund
Surat-based, men’s premium innerwear and lifestyle brand XYXX is raising INR 30 crore (USD 3.6 million) in a funding round led by Niveshaay Sambhav Fund. The round also saw participation from Anicut Capital, DSG Consumer Fund, and Sauce Continuity Fund.Niveshaay Sambhav Fund will invest INR 9.93 crore, while Anicut Capital, Sauce Continuity Fund, and DSG Consumer Partners will contribute INR 7.95 crore, INR 4.96 crore, and INR 1.99 crore, respectively. The rest will be invested by Singularity Growth, Selenium Trust, Veena Merchants, and Arun Venkatachalam HUF.The new funds will be used to meet the capex and working capital requirements.Founded in 2017 by Yogesh Kabra and Siddhartha Gondal, XYXX specialises in underwear, loungewear, and athleisure, crafted from premium fabrics and claims to have built a network of over 18,000 retailers across 50 cities.
Between March 2019 and May 2023, XYXX Innerwear had attracted about USD 30 M from Amazon, Anicut Capital, DSG Consumer Partners, Sauce VC, Singularity AMC, Trifecta Capital, Synergy Capital and others.For FY24, XYXX Innerwear had reported about INR 128 Cr in Operating Income and about INR 35 Cr in Net Loss.
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