India Dealbook: OTO Capital, XYXX Apparels raise funding; L’oreal backs Fireside Ventures

Photo: Pramugdha Mamgain/DealStreetAsia

OTO Capital, a retail-focused automotive leasing company, and men’s innerwear brand XYXX Apparels are among the latest startups to have raised funds. Separately, L’oreal has invested in the second fund of Fireside Ventures.

Prime Venture backs OTO

OTO Capital, a retail-focused automotive leasing startup, has raised about $1.4 million (Rs 10 crore) in its first round of institutional funding from Prime Venture Partners, per an announcement.

OTO claims that it has already leased cars worth more than Rs 10 crore in the last six months. With the fresh funding, it plans to lease out more than 40 cars per month and plans to grow 10X by early 2020. The company also plans to expand to 10 cities in India in the next six months and increase its partnerships with automotive dealers, banks and NBFCs.

Sauce.vc invests in XYXX Apparels

Men’s innerwear brand XYXX Apparels has raised Rs 6 crore in a pre-Series A funding round from its existing institutional backer Sauce.vc. This takes the company’s total funding to Rs 8 crore till date.

The company will primarily use the fresh capital to ramp up its presence in multi-brand outlets and hire more people. Besides, it will also focus on expanding its sales and marketing efforts, and on accelerating product development.

L’oreal invests in Fireside Ventures

French personal care major L’oreal has invested an undisclosed amount in the second fund of venture capital firm Fireside Ventures.

L’Oréal has routed the investment through its corporate venture capital fund, Business Opportunities for L’Oréal Development (BOLD), it said in a statement.

Amit Jain, Managing Director, L’Oréal India, said, “India is a strategically important market for L’Oréal and a great place for innovation. With this investment, L’Oréal will further connect to the dynamic ecosystem of Indian startups and work with them on emerging consumer needs to co-create tomorrow’s beauty trends.”