Snitch: Leading D2C Menswear Brand Achieves Remarkable Growth

Snitch has seen outstanding growth in FY25, maintaining the upward trajectory initiated with a 2.3X increase in FY24. The D2C menswear fashion brand has successfully doubled its operations scale, surpassing the Rs 500 crore revenue threshold and nearing breakeven. Reports from the Registrar of Companies (RoC) indicate that Snitch’s operational income rose to Rs 498 crore in FY25, compared to Rs 241 crore in FY24.

Company Overview

Founded in 2020 by Siddharth Dungarwal, Snitch is renowned for its trendy, affordable men’s clothing and accessories available through its website and app. The primary source of revenue remains sales from apparel and accessories, although the brand has recently entered the quick commerce space.

Expense Breakdown

On the expenditure side, the largest cost area was procurement, which represented about 45% of total costs. The procurement expenses more than doubled in FY25, reaching Rs 230 crore. Employee benefits expenses were recorded at Rs 65 crore, while advertising and marketing costs surged to Rs 83 crore for the year. Additional expenses, including rent, telephone charges, and marketplace fees, drove total expenses to Rs 508 crore in FY25, a notable increase from Rs 236 crore in FY24.

Financial Performance

Despite a remarkable scale growth, Snitch effectively controlled its losses, staying near breakeven in FY25 following a reported profit of Rs 4 crore in FY24. Financial metrics like ROCE and EBITDA margins were observed at -5.8% and -1% respectively in FY25. From a unit economics perspective, the company invested Rs 1.02 for every rupee of revenue generated throughout the year. As of FY25, Snitch’s total current assets were logged at Rs 226 crore.

Funding and Market Position

According to various sources from startup data intelligence platforms, Snitch has successfully raised over $53 million to date, highlighted by a significant $40 million Series B round led by 360 ONE Asset in June of the previous year.

Competitive Landscape

Operating in a fiercely competitive D2C fashion market, Snitch faces rivalry from brands like The Souled Store, which saw a 36% rise in revenue, hitting Rs 492 crore in FY25. Other competitors include Rare Rabbit, which recently secured $6 million from A91 Partners and is aiming for revenue of Rs 1,000 crore, as well as Wrogn, which attracted $9 million in funding from Aditya Birla Digital Fashion in October last year.