India, March 4 -- D2C menswear brand XYXX has sought the approval of its shareholders to raise INR 29.8 Cr (about $3.4 Mn) in a funding round led by Niveshaay Sambhav Fund.

The round will also see participation from Sauce.VC, DSG Consumer Partners, Anicut Capital, among others.

The startup's board passed a resolution last month to issue 1,81,818 compulsorily convertible preference shares (Series B2 CCPS) each at an issue price of INR 1,650 per share to raise the sum, according to filings sourced from the Registrar of Companies (RoC).

Niveshaay Sambhav Fund will infuse INR 9.93 Cr in XYXX, while Grand Anicut Fund 3 and Sauce Continuity Fund I will invest INR 7.95 Cr and INR 4.96 Cr, respectively.

The remaining capital will come from Ar...