16 May 2023, Mumbai
Surat-based brand, XXYX, a rapidly growing men's innerwear and lifestyle brand, has successfully secured a significant funding round of Rs 110 crore, led by Amazon Smbhav Venture Fund.
The brand, which was established in 2016, is determined to sustain its upward trajectory with this recent investment. XYXX's vision centers around expanding its scale and scope, with a particular emphasis on strengthening its presence in current markets. While general trade remains a crucial sales channel for XYXX, the brand aims to deepen market penetration and reach a wider customer base.
This funding round also garnered support from existing institutional investors, including Sauce.vc, Anicut Capital, DSG Consumer Partners, and Singularity Growth Opportunities Fund.
The infusion of funds will play a pivotal role in XYXX's brand growth story. It will enable the expansion of core product categories, enhance operational efficiency, and drive profitability through scale and technology integration. With a robust network of over 18,000 retailers across 150 cities in India, XYXX has already established a solid foundation. In the previous fiscal year, the brand achieved sales of Rs 105 crore. With the infusion of funds and strategic plans in place, XYXX anticipates more than doubling its performance in the current fiscal year.
Apart from traditional retail channels, XYXX has capitalized on various digital marketplaces to sell its products. Furthermore, the brand has expanded its offline footprint by launching its first exclusive brand outlet, followed by three more stores in Indore, Bangalore, and Mumbai. With a keen eye on further expansion, XYXX plans to open six additional stores and double the scale of its exclusive brand outlets in the next fiscal year FY24.
With the recent funding round, the brand is well-positioned to expand its market share, reinforce its presence in existing markets, and capitalize on the immense potential of the Indian innerwear industry.
