ETtechMumbai: Omnichannel men’s innerwear brand XYXX has raised Rs 30 crore in its Series A funding round led by DSG Consumer Partners and Synergy Capital Partners. Existing investor Sauce.VC also participated in the round. XYXX will use the capital to expand its product line and reach.
Founded in 2016 by Yogesh Kabra, XYXX offers a range of men’s innerwear, including odour cancellation and moisture wicking to quick drying and plant-based body temperature control fabric. It retails across more than 6,000 strategic offline outlets and on all major e-commerce marketplaces, including Amazon India, Myntra, Flipkart and Ajio. Over the next year, XYXX aims to scale its offline presence to 15,000 stores across the country, it said.
“Our mission is to challenge the status quo and strengthen our position as a proudly homegrown brand at the forefront of clothing technology for unrivalled comfort,” Kabra said.
Investors have funded other high-growth emerging innerwear brands such as Dollar Industries, Damensch, Tailor and Circus, and Lavos Performance in the last few years.
“XYXX has consistently kept a razor-sharp focus on innovation and consumer insight which has not only helped them create a stir in the market but also firmly established them as a force to reckon with in the segment—all within four years since their inception,” said Manu Chandra, founder and managing partner, Sauce.VC.
The innerwear segment is one of the fastest growing fashion categories in the Indian subcontinent. Projected to reach Rs 21,800 crore by 2028, the segment is expected to grow at a compounded annual growth rate (CAGR) of 7%.
“XYXX is a unique brand with differentiated offerings best suited to capitalise on this massive opportunity. Their clarity of purpose and consistent performance both on the business and product fronts is exceptional,” said Hariharan Premkumar, executive director and head-India, DSG Consumer Partners.
In November last year, men’s innerwear brand DaMENSCH raised Series A funding of about Rs 50 crore from Matrix Partners India, Saama Capital, Whiteboard Venture Partners and Alteria Capital.
The men’s innerwear market is characterised by the presence of numerous Indian and international brands catering to different segments. Though many fashion/apparel brands have extended their existing labels in menswear to men’s innerwear as well, the product recall of players with focus solely on innerwear products is comparatively higher.
The different subcategories of men’s innerwear include vests, briefs/boxers, basic T-shirts, shorts/pyjamas, sleepwear and activewear.
Consumers mostly purchase branded products for vests and brief/boxers, which are the largest category offerings from leading innerwear brands, according to a recent report in Indian Textile Magazine.
Founded in 2016 by Yogesh Kabra, XYXX offers a range of men’s innerwear, including odour cancellation and moisture wicking to quick drying and plant-based body temperature control fabric. It retails across more than 6,000 strategic offline outlets and on all major e-commerce marketplaces, including Amazon India, Myntra, Flipkart and Ajio. Over the next year, XYXX aims to scale its offline presence to 15,000 stores across the country, it said.
The company’s revenue grew more than four times in the fiscal ended March 31.
“Our mission is to challenge the status quo and strengthen our position as a proudly homegrown brand at the forefront of clothing technology for unrivalled comfort,” Kabra said.
Investors have funded other high-growth emerging innerwear brands such as Dollar Industries, Damensch, Tailor and Circus, and Lavos Performance in the last few years.
“XYXX has consistently kept a razor-sharp focus on innovation and consumer insight which has not only helped them create a stir in the market but also firmly established them as a force to reckon with in the segment—all within four years since their inception,” said Manu Chandra, founder and managing partner, Sauce.VC.
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The innerwear segment is one of the fastest growing fashion categories in the Indian subcontinent. Projected to reach Rs 21,800 crore by 2028, the segment is expected to grow at a compounded annual growth rate (CAGR) of 7%.
“XYXX is a unique brand with differentiated offerings best suited to capitalise on this massive opportunity. Their clarity of purpose and consistent performance both on the business and product fronts is exceptional,” said Hariharan Premkumar, executive director and head-India, DSG Consumer Partners.
In November last year, men’s innerwear brand DaMENSCH raised Series A funding of about Rs 50 crore from Matrix Partners India, Saama Capital, Whiteboard Venture Partners and Alteria Capital.
The men’s innerwear market is characterised by the presence of numerous Indian and international brands catering to different segments. Though many fashion/apparel brands have extended their existing labels in menswear to men’s innerwear as well, the product recall of players with focus solely on innerwear products is comparatively higher.
The different subcategories of men’s innerwear include vests, briefs/boxers, basic T-shirts, shorts/pyjamas, sleepwear and activewear.
Consumers mostly purchase branded products for vests and brief/boxers, which are the largest category offerings from leading innerwear brands, according to a recent report in Indian Textile Magazine.
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