Direct-to-consumer (D2C) menswear brand Snitch has raised ₹278.93 crore (approximately $33 million) in a Series B funding round, marking a significant leap in its growth journey. The round was led by 360 ONE Asset Management (formerly IIFL Wealth), with participation from existing investors SWC Global and IvyCap Ventures.
This funding round has propelled the Bengaluru-based brand’s valuation to around ₹2,500 crore ($300 million), a fivefold jump from its previous ₹500 crore valuation during its Series A in December 2023.
Credits: Ascendants
Strategic Investment and Shareholding Structure
The capital was raised via the issuance of 1,755 Series B compulsorily convertible preference shares (CCPS) priced at ₹15,89,385 each.
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360 ONE Asset Management invested ₹220 crore ($25.9 million)
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SWC Global and IvyCap Ventures contributed ₹29.4 crore ($3.5 million) each
Post-funding, IvyCap Ventures and SWC Global remain the largest external shareholders, with 10.39% and 10.17% stakes, respectively. The new investor, 360 ONE, holds a 9.67% stake.
Rapid Financial Growth
Founded in 2019 by Siddharth Dungarwal, Snitch has shown remarkable financial momentum.
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Operating revenue in FY24 surged to ₹243 crore, up from ₹106.6 crore in FY23
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Net profit rose to ₹4.4 crore in FY24, compared to ₹3.1 crore the previous year
This strong performance is attributed to strategic improvements in the supply chain, adoption of AI-powered demand forecasting, and efficient inventory management. Online sales now account for 70% of the brand’s business, while offline contributes the remaining 30%.
Expanding Retail Presence
As of January 2025, Snitch operates 45 offline stores across India and plans to add 10 more in key cities such as Bengaluru, Delhi, Hubli, Chennai, Guwahati, Pune, Rajahmundry, and Lucknow. The company aims to grow its retail footprint to over 100 stores by the end of 2025, aligning with its broader omnichannel strategy.
From Shark Tank to the Big Leagues
Snitch first caught public attention on Shark Tank India Season 2, where it secured ₹1.5 crore in funding for a 1.5% equity stake from a consortium of six sharks. At that time, the brand was valued at ₹100 crore — a fraction of its current valuation.
In December 2023, Snitch raised ₹110 crore in its Series A round, co-led by SWC Global and IvyCap Ventures. The brand’s momentum since then has been exponential.
Product Expansion and Tech-Driven Operations
While shirts remain the top-selling category contributing to 50% of total revenue, Snitch has expanded into other verticals including:
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Plus-size apparel
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Athleisure wear
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Footwear
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Sunglasses
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Jewelry
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Fragrances
The company has also invested ₹5 crore in expanding its warehousing capacity by 1 lakh square feet, enabling an additional 20,000 shipments per day. The operational upgrade includes ERP, performance intelligence tools, and AI-based systems.
Navigating a Competitive Market
Snitch competes with a growing list of high-performing D2C fashion brands:
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The Souled Store: ₹355 crore in FY24 revenue, now profitable
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Rare Rabbit: Raised $18 million, surpassed ₹600 crore in revenue
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Wrogn: Backed by Aditya Birla Digital Fashion, raised $15 million
Despite stiff competition, Snitch’s strong tech backbone, brand appeal, and rapid execution give it an edge in India’s D2C apparel ecosystem.
Vision for the Future
Founder Siddharth Dungarwal envisions Snitch hitting ₹1,000 crore in revenue by FY26, with a potential IPO in the next three years. With investor confidence high, a fast-scaling offline presence, and deep tech integration, Snitch is poised to become a household name in Indian fashion.
Credits: Ascendants
Conclusion:
In summary, Snitch’s quick ascent from Shark Tank to a valuation of ₹2,500 crore is a testament to not only solid financials but also a clear strategy and astute execution. The business is well-positioned to cause a significant disruption in the men’s fashion industry because to its daring omnichannel strategy, varied product lines, and support from well-known investors including 360 ONE. Snitch, which aims to reach a sales target of ₹1,000 crore and maybe go public, is part of a new generation of Indian direct-to-consumer (D2C) businesses that are combining technology, design, and ambition to create enduring consumer brands.
