Snitch, a Bengaluru-based direct-to-consumer (D2C) menswear brand, is set to raise approximately ₹279 crore ($33 million) in a Series B funding round led by 360 One Asset Management Fund, with participation from existing investors SWC Global and IvyCap Ventures. This funding will elevate Snitch’s valuation to around ₹2,500 crore ($294 million), marking a nearly fivefold increase from its previous valuation. The capital infusion aims to accelerate Snitch’s growth trajectory, including expanding its offline retail presence and achieving significant revenue milestones.
Founded in 2019 by Siddharth Dungarwal, Snitch has rapidly emerged as a prominent player in India’s D2C fashion landscape, specializing in trendy and affordable menswear. The brand offers its products through its website, mobile application, and a growing network of offline stores. As of now, Snitch operates 58 physical stores across major Indian cities, including Bengaluru, Mumbai, Delhi, and locations in Gujarat.
The upcoming Series B funding round, amounting to approximately ₹279 crore ($33 million), is led by 360 One Asset Management Fund, contributing ₹220 crore ($25.9 million). Existing investors SWC Global and IvyCap Ventures will also participate, investing ₹29.4 crore ($3.5 million) collectively. Post-allotment, Snitch’s valuation is expected to reach around ₹2,500 crore ($294 million), a significant leap from its ₹500 crore valuation during its previous funding round.
Snitch’s growth has been noteworthy, with the company reporting a 100% year-on-year increase in revenue, reaching ₹241 crore in the fiscal year ending March 2024, along with a profit of ₹4.39 crore. The brand has ambitious plans to expand its offline footprint, aiming to establish over 100 stores across India by 2028. Additionally, Snitch targets achieving ₹1,000 crore in revenue by FY26 and plans to go public within the next three years.
The brand gained significant attention after featuring in the second season of Shark Tank India, where it secured ₹1.5 crore in funding at a ₹100 crore valuation. With the latest funding round, Snitch is poised to further solidify its position in the competitive D2C fashion market, competing with brands like The Souled Store, Rare Rabbit, and Wrogn.