Snitch: Growth in India’s Fast-Fashion Market
Snitch has emerged as a key player in India’s evolving men’s fast-fashion market, which has witnessed a notable shift in consumer tastes and style preferences over the last few years. The brand has successfully leveraged this trend, increasing its revenue by 3.4 times in just two fiscal years while managing to maintain relatively minimal losses.
According to annual financial statements obtained from the Registrar of Companies (RoC), Snitch’s revenue from operations climbed by 67.7% year-on-year, reaching Rs 835 crore in FY26, up from Rs 498 crore in FY25.
Founded by Siddharth Dungarwal in 2020, Snitch focuses on selling stylish men’s clothing and accessories through its website and mobile app. The company relies solely on apparel and accessories for revenue, with additional earnings of Rs 14 crore coming from interest on deposits and long-term investments, bringing total income to Rs 849 crore in FY26.
In an effort to broaden its reach and enhance delivery services, Snitch has also ventured into the quick commerce sector. Simultaneously, the brand has been strengthening its physical presence, operating 142 stores across India, including locations in metro and Tier II cities.
Cost Structure and Financial Details of Snitch
The procurement of apparel and accessories serves as Snitch’s largest expenditure, accounting for about 51% of total costs. This expenditure surged by 92.2% to Rs 444 crore in FY26 from Rs 231 crore in the previous year.
During the year, Snitch allocated Rs 108 crore for advertising and marketing, while employee benefit expenses rose to Rs 81 crore. Additional costs from marketplace fees, rent, delivery, and various overheads contributed to an overall expenditure increase of 71.9%, reaching Rs 873 crore in FY26 compared to Rs 508 crore in FY25.
Financial Outcomes
With expenses outpacing revenue growth, Snitch reported a net loss of Rs 27 crore in FY26. The financial metrics indicate that the firm spent Rs 1.05 to generate every rupee in revenue during the same fiscal year. Its return on capital employed (ROCE) and EBITDA margin were recorded at -8.6% and -3%, respectively.
Investment and Future Prospects
To date, Snitch has attracted investments exceeding $53 million, including a significant $40 million Series B funding round led by 360 ONE Asset in June 2025. For a brand that has achieved impressive revenue growth to Rs 835 crore within a few years, managing losses at Rs 27 crore reflects a positive outlook. Although the company has yet to achieve profitability, its expanding scale, increasing offline footprint, and foray into quick commerce suggest opportunities for continued growth.
As Snitch operates within a fiercely competitive D2C fashion landscape, it faces rivalry from brands such as The Souled Store, Rare Rabbit, and Wrogn. The Souled Store reported a 37% revenue increase, reaching Rs 492 crore in FY25, while premium brand Rare Rabbit achieved revenues of Rs 818 crore. In contrast, Wrogn, supported by Aditya Birla Fashion and Retail, reported Rs 244 crore in revenue for FY26.