Apparel company XYXX has raised ₹90 crore in its Series B round of funding led by Singularity Opportunities Growth Fund. It also secured ₹15 crore in venture debt from Trifecta Capital. 

Existing investors Sauce Venture Capital and DSG Consumer Partners also participated. Yash Kela, Founder , Singularity Opportunities Growth Fund, will join the company’s  board 

Founded by Yogesh Kabra, XYXX’s portfolio includes innerwear, comfortwear, loungewear, active wear and winter wear. The menswear brand has so far raised ₹135 crore in funding. 

“We are on track to become operationally profitable by the end of the financial year. We witnessed 300 per cent year-on-year growth during FY22. We are happy to have Singularity Opportunities Growth Fund as partners in our next phase as we foray into newer markets and categories in the coming months,” Kabra said.

The funds will be used to expand the retail network and bolster existing markets with new launches, he said. “We will triple our retail network in the nextsix months with our foray into modern retail, large-format stores and EBOs [exclusive brand stores] alongside our aggressive MBO [multi-brand stores] expansion.” 

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SHAILESH ANDRADE

Will this parting shot from Rakesh Jhunjhunwala work?

Kela said “Men’s innerwear and comfortwear industry in India is a $3-billion opportunity in the mid-premium segment. But it has seen limited innovation on fabric, cuts or designs in the last decade or so from the leading incumbents. Today, the millennial customers are looking for more comfortable and natural fabrics and are keen to experiment with new designs and products. We are excited to partner with the XYXX team.”

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