Snitch, the dynamic direct-to-consumer (D2C) menswear brand, has successfully closed a significant Series B funding round, securing up to $40 million. The round was spearheaded by 360 ONE Asset, with continued support from existing investors IvyCap Ventures and SWC Global. Notable participation also came from the Ravi Modi Family Office and a consortium of angel investors, underscoring strong confidence in Snitch’s growth trajectory. This latest injection of capital, closely following a $13 million Series A in December 2023, positions the Bengaluru-based brand for an ambitious expansion phase.
Strategic Expansion: Offline, Online, and Global Ambitions
The newly acquired funds are earmarked for a multi-pronged growth strategy. A primary focus is the aggressive expansion of Snitch’s offline retail footprint. The company aims to nearly double its store count, from 55 to over 100 outlets, by the close of 2025. This physical expansion complements its robust online presence via its website and mobile application. Beyond brick-and-mortar, Snitch is set to venture into the rapid-growing quick commerce segment, tapping into new avenues for customer reach and convenience. The brand also harbors international aspirations, planning to test new markets and broaden its global presence. Furthermore, Snitch intends to diversify its product offerings by expanding into new apparel and lifestyle categories, catering to a wider spectrum of consumer needs.
From Shark Tank to Soaring Valuations: A Journey of Growth
Founded in 2020 by Siddharth Dungarwal, Snitch has quickly carved a niche for itself by offering trendy and affordable menswear. The brand gained significant public attention during its appearance on the second season of Shark Tank India. There, Snitch secured Rs 1.5 crore against 1.5% equity from a panel of prominent investors including Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain, at an impressive Rs 100 crore valuation. This early recognition and investment propelled Snitch onto a path of rapid growth.
Impressive Financial Performance and Future Outlook
Snitch’s financial performance speaks volumes about its success and market acceptance. For the fiscal year ending March 2024, the company reported a remarkable 100% year-on-year increase in revenue, reaching Rs 241 crore, alongside a profit of Rs 4.39 crore. This consistent growth, coupled with strong unit economics from its existing stores and a loyal customer base, positions Snitch as a formidable player in the D2C fashion landscape. As Siddharth Dungarwal articulated, the brand is “stepping into a bigger league, building a world-class brand with India at its heart and agility at its core.” With plans for further scale across India and international markets, Snitch is also preparing for a potential public listing, signaling its ambition to become one of India’s most iconic fashion stories.
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