Key Highlights
➤ Snitch raises Rs. 278.93 Crore ($33M) in Series B round led by 360 One, with backing from SWC Global and IvyCap Ventures.
➤ D2C menswear brand Snitch reports 100 percent YoY revenue growth to Rs. 241 Crore and plans 100+ offline stores by 2028.
➤ Shark Tank-featured fashion startup Snitch expands aggressively with new funding and growing retail footprint across India.
D2C menswear fashion brand Snitch is raising Rs. 278.93 crore (approximately $33 million) led by 360 One Asset Management Fund and existing investors SWC Global and IvyCap Ventures.
It will be the second major funding round for the Bengaluru based fashion brand after its Series A round where Snitch raised $13 million in December 2023.
According to their regulatory filings accessed from the Registrar of Companies (RoC), the Snitch’s board of directors approved a special resolution for the issue of 1,755 Series B CCPS at an issue price of Rs. 15,89,385 to raise Rs 278.9 crore (around $33 million).
The round will be led by 360 One with Rs 220 crore (approx. $25.9 million) while SWC Global and IvyCap Ventures will contribute Rs 29.4 crore and Rs 3.5 million respectively.
Snitch, a Shark Tank India funded startup, was started in 2019 by Siddharth Dungarwal, and is a fully direct-to-consumer (D2C) fashion label. The company sells affordable and trendy apparel through its website, mobile app, and growing offline retail network. Currently, Snitch has 58 physical stores in India, with stores in major cities like Bengaluru, Mumbai, and Delhi, and several locations in Gujarat, among others. The Brand has planned to open over 100 offline stores in India by 2028.
Known as affordable fashion brand for men, Snitch appeared during Season 2 of Shark Tank India and raised Rs 1.5 crore against 1.5 percent equity from Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain at a Rs. 100 crore valuation.
IvyCap Ventures and SWC Global are the 2 largest outside shareholders with 10.39 percent and 10.17 percent stakes, while a new investor 360 One, will hold a 9.67 percent stake in the company.
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For the annual accounting period ending March 2024, Snitch reported 100 percent year-on-year revenue growth to Rs. 241 crore with profits of Rs. 4.39 crore. Snitch has not yet published its FY25 annual results or financials.
