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DSG, Synergy lead XYXX’s Rs 30-crore Sequence A funding spherical – NEWPAPER24

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DSG, Synergy lead XYXX’s Rs 30-crore Sequence A funding spherical

2021-06-16 00:30:00

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Mumbai: Omnichannel males’s innerwear model XYXX has raised Rs 30 crore in its Sequence A funding spherical led by DSG Shopper Companions and Synergy Capital Companions. Present investor Sauce.VC additionally participated within the spherical. XYXX will use the capital to broaden its product line and attain.
Based in 2016 by Yogesh Kabra, XYXX affords a variety of males’s innerwear, together with odour cancellation and moisture wicking to fast drying and plant-based physique temperature management material. It retails throughout greater than 6,000 strategic offline retailers and on all main e-commerce marketplaces, together with Amazon India, Myntra, Flipkart and Ajio. Over the subsequent 12 months, XYXX goals to scale its offline presence to fifteen,000 shops throughout the nation, it mentioned.

The corporate’s income grew greater than 4 instances within the fiscal ended March 31.

“Our mission is to problem the established order and strengthen our place as a proudly homegrown model on the forefront of clothes expertise for unrivalled consolation,” Kabra mentioned.
Buyers have funded different high-growth rising innerwear manufacturers reminiscent of Greenback Industries, Damensch, Tailor and Circus, and Lavos Efficiency in the previous few years.

“XYXX has persistently stored a razor-sharp deal with innovation and shopper perception which has not solely helped them create a stir available in the market but in addition firmly established them as a power to reckon with within the section—all inside 4 years since their inception,” mentioned Manu Chandra, founder and managing associate, Sauce.VC.

The innerwear section is among the quickest rising trend classes within the Indian subcontinent. Projected to succeed in Rs 21,800 crore by 2028, the section is anticipated to develop at a compounded annual progress charge (CAGR) of seven%.

“XYXX is a novel model with differentiated choices greatest suited to capitalise on this large alternative. Their readability of goal and constant efficiency each on the enterprise and product fronts is phenomenal,” mentioned Hariharan Premkumar, govt director and head-India, DSG Shopper Companions.

In November final 12 months, males’s innerwear model DaMENSCH raised Sequence A funding of about Rs 50 crore from Matrix Companions India, Saama Capital, Whiteboard Enterprise Companions and Alteria Capital.

The lads’s innerwear market is characterised by the presence of quite a few Indian and worldwide manufacturers catering to completely different segments. Although many trend/attire manufacturers have prolonged their present labels in menswear to males’s innerwear as effectively, the product recall of gamers with focus solely on innerwear merchandise is relatively increased.

The completely different subcategories of males’s innerwear embody vests, briefs/boxers, primary T-shirts, shorts/pyjamas, sleepwear and activewear.

Customers largely buy branded merchandise for vests and temporary/boxers, that are the most important class choices from main innerwear manufacturers, in keeping with a latest report in Indian Textile Journal.

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