D2C menswear brand XYXX is seeking shareholder approval to raise Rs 29.8 crore (about $3.4 million) in a funding round led by Niveshaay Sambhav Fund. Investors such as Sauce.VC, DSG Consumer Partners, and Anicut Capital are also participating.
The startup plans to issue 1,81,818 Series B2 CCPS at Rs 1,650 per share, according to RoC filings. Niveshaay Sambhav Fund will invest Rs 9.93 crore, while Grand Anicut Fund 3 and Sauce Continuity Fund I will contribute Rs 7.95 crore and Rs 4.96 crore, respectively. The remaining funds will come from other investors.
Founded in 2017, XYXX sells underwear, loungewear, and athleisure products across online and offline channels. It has raised over $29 million to date, including Rs 110 crore in Series C funding last year.
The company reported a 21 per cent reduction in net loss to Rs 35.4 crore in FY24, with revenue growing 24 per cent to Rs 128 crore. XYXX competes with brands like Snitch and DaMENSCH.
