Snitch, a swiftly emerging menswear brand, is about to raise ₹278.93 crore (approx. $33 million) in a Series B funding round, bringing its valuation to roughly ₹2500 crore according to Entrackr’s valuation. The round is led by 360 One Asset Management Fund, along with returning investors SWC Global and IvyCap Ventures.

This is Snitch’s second biggest funding round after its Series A round in December, 2023 when the brand raised ₹108 crore ($13 million) at a valuation of ₹500 crore. With this investment, Snitch’s valuation has just about quintupled and demonstrates the brands growth and acceptance in the Indian fashion market.

Funding Information

Regulatory filings with the Registrar of Companies (RoC) show that Snitches’ board approved the issuance of 1,755 Series B shares at an issue price of ₹15.89 lakh each to raise the capital.

• 360 One is investing ₹220 crores (about $25.9 million)
• SWC Global and IvyCap Ventures are investing ₹29.4 crores (about $3.5 million)

After investment, 360 One will be 9.67% owners of Snitch, while IvyCap Ventures and SWC Global will be 10.39% and 10.17% owners, respectively.

About Snitch

Founded in 2019 by Siddharth Dungarwal, Snitch is a direct-to-consumer (D2C), fast fashion brand designed for men with a focus on affordable and stylish clothing. Snitch offers a wide range of modern wardrobe essentials from athleisure, loungewear, and shorts to shirts and jackets, through its e-commerce website, app, and offline retail stores.

For now, the brand has 58 physical stores in India, and is located in major cities such as Bengaluru, Delhi, Mumbai, and Gujarat. Snitch plans on fundamentally investing in expansion, targeting an ambitious growth strategy to operate 100+ offline stores by the year 2028.

Snitch became a national sensation during Shark Tank India Season 2 when they raised ₹1.5 crore in funding from six prominent investors (Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, Amit Jain) at ₹100 crore valuation. This exposure allowed Snitch’s public image to grow significantly and establish greater consumer trust in its endeavors.

Company Performance

Snitch has run a tight ship and produced tremendous fiscal results. For FY March 2024, Snitch turned over ₹241 crore, up 100% on FY23. The company also delivered a profit of ₹4.39 crore. Overall, the current findings show not only an increase in sales, but increases in operational efficiency.

The Snitch FY25 results will be out soon and the new funds will be used to further product innovation, marketing, and in-store rollout.

Author: Syed Afsha Ali
Business Outreach