Amazon India has bought a significant minority stake in XYXX Apparels Pvt. Ltd by leading a 110 crore Around of funding in the Surat-based startup, two people with knowledge of the deal said.
XYXX Apparels' existing investors Singularity Growth, DSG Consumer Partners, Sauce.vc and Anicut Capital also participated in the round, the people said requesting anonymity.
The e-commerce giant routed the transaction through Amazon Smbhav Venture Fund, a fund focused on startups that digitize small and medium-sized businesses, the people said.
A market analyst, who didn't wish to be named, said the transaction valued XYXX Apparels at 1800-900 crore.
XYXX Apparels, which sells innerwear under the XYXX brand, confirmed the deal in a statement on Monday. The company, however, didn't disclose the quantum of stake purchased by Amazon.
Email queries sent to Amazon India remained unanswered till press time.
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