Highlights
Snitch Secures $33 Million in Funding for D2C Menswear Expansion
D2C menswear fashion brand Snitch is positioned to secure Rs 278.93 crore or $33 million, spearheaded by 360 One Asset Management Fund, alongside existing investors SWC Global and IvyCap Ventures. This marks the company’s second significant funding round, following its earlier Series A, where it raised $13 million in December 2023.
According to regulatory filings obtained from the Registrar of Companies (RoC), Snitch’s board has sanctioned the issuance of 1,755 Series B CCPS at a price of Rs 15,89,385 each, aiming to raise Rs 278.9 crore or around $33 million. 360 One will take the lead with an investment of Rs 220 crore or $25.9 million, while existing investors SWC Global and IvyCap Ventures will each contribute Rs 29.4 crore or $3.5 million.
Valuation and Growth Prospects for Snitch
Startup Superb estimates that post-allotment, Snitch will have a valuation of approximately Rs 2,400-2500 crore or $294 million, reflecting a substantial increase from its previous valuation of Rs 500 crore. Founded in 2019 by Siddharth Dungarwal, Snitch focuses on direct-to-consumer fast fashion for men, offering stylish and affordable clothing via its website, mobile application, and an expanding offline retail presence.
Expansion Plans and Retail Presence
Currently, Snitch operates 58 physical stores throughout India, located in major cities such as Bengaluru, Mumbai, Delhi, and various locations in Gujarat. The company aims to expand its footprint significantly, with plans to open over 100 offline stores across India by 2028.
Notably, Snitch participated in the second season of Shark Tank India, successfully raising Rs 1.5 crore for 1.5% equity from notable investors including Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain, at a valuation of Rs 100 crore.
As per various sources, IvyCap Ventures and SWC Global are identified as the largest external shareholders, with stakes of 10.39% and 10.17% respectively. New investor 360 One is set to acquire a 9.67% stake in the company.
For the fiscal year concluding in March 2024, Snitch reported a remarkable 100% year-on-year increase in revenue, reaching Rs 241 crore, and profits amounting to Rs 4.39 crore. The company’s annual results for FY25 have yet to be disclosed.
In a competitive D2C fashion marketplace, Snitch competes against brands like The Souled Store, which has recently achieved profitability in FY24, as well as Rare Rabbit, which raised $6 million from A91 Partners, and Wrogn, which garnered $9 million in funding last October from Aditya Birla Digital Fashion.