Snitch Hits Rs 2,500 Cr Valuation After Rs 340 Cr Series B Round, Eyes 100 Stores by 2025
• Snitch raises Rs 340 crore in Series B, hits Rs 2,500 crore valuation.
• Plans to scale from 55 to 100 stores and enter global markets.
• Reports Rs 241 crore FY24 revenue with continued profitability.
Snitch, the Bengaluru startup for men's fashion that became popular on Shark Tank India, has achieved a valuation of more than Rs 2,500 crore after a Rs 340 crore (nearly $40 million) Series B funding round.
The round was led by 360 One Asset, with backing from IvyCap Ventures, SWC Global, the Ravi Modi Family Office (investors in Manyavar), and a group of angel investors. This latest capital infusion comes more than a year after Snitch raised $13 million in its Series A round in December 2023.
Established in 2020 by Siddharth Dungarwal, Snitch is a cult brand among millennial and Gen Z customers, launching weekly fast-moving fashion drops on its website, mobile app, and brick-and-mortar stores. It has over 55 stores today and plans to reach 100 by 2025. It is also considering entry into international markets and newer avenues like quick commerce.
Snitch's lean manufacturing and quick-turnaround supply chain enable tight control of inventories and quick product cycles facilitating a 120% year-over-year growth rate, while remaining profitable. The business ended FY24 with Rs 241 crore top line and a net profit of Rs 4.39 crore.
"Powered by conviction, velocity, and customer passion, Snitch is raising the bar for Indian fashion globally," said founder Siddharth Dungarwal. "This investment is a testament to our vision of making Indian fashion agile, scalable, and competitive at a global scale."
Chetan Naik, Senior Fund Manager at 360 One Asset, described Snitch as "one of India's fastest-growing profitable D2C brands" and admired its capital efficiency, digital-first strategy, and strong omnichannel presence.
IvyCap Ventures' Vikram Gupta added that their fresh investment is due to "strong conviction in Snitch's capital-efficient growth," while SWC Global's Founding Partner Tuck Lye Koh commented that Snitch has cemented its place as a genuinely omnichannel player over the past 18 months.
Snitch first gained national prominence on Shark Tank India Season 2 when it raised Rs 1.5 crore from all six sharks on a valuation of Rs 100 crore. The company has since followed a steep growth path, and this latest funding puts it on course to become a dominant player in India's menswear segment.
• Plans to scale from 55 to 100 stores and enter global markets.
• Reports Rs 241 crore FY24 revenue with continued profitability.
Snitch, the Bengaluru startup for men's fashion that became popular on Shark Tank India, has achieved a valuation of more than Rs 2,500 crore after a Rs 340 crore (nearly $40 million) Series B funding round.
The round was led by 360 One Asset, with backing from IvyCap Ventures, SWC Global, the Ravi Modi Family Office (investors in Manyavar), and a group of angel investors. This latest capital infusion comes more than a year after Snitch raised $13 million in its Series A round in December 2023.
Established in 2020 by Siddharth Dungarwal, Snitch is a cult brand among millennial and Gen Z customers, launching weekly fast-moving fashion drops on its website, mobile app, and brick-and-mortar stores. It has over 55 stores today and plans to reach 100 by 2025. It is also considering entry into international markets and newer avenues like quick commerce.
Snitch's lean manufacturing and quick-turnaround supply chain enable tight control of inventories and quick product cycles facilitating a 120% year-over-year growth rate, while remaining profitable. The business ended FY24 with Rs 241 crore top line and a net profit of Rs 4.39 crore.
"Powered by conviction, velocity, and customer passion, Snitch is raising the bar for Indian fashion globally," said founder Siddharth Dungarwal. "This investment is a testament to our vision of making Indian fashion agile, scalable, and competitive at a global scale."
Chetan Naik, Senior Fund Manager at 360 One Asset, described Snitch as "one of India's fastest-growing profitable D2C brands" and admired its capital efficiency, digital-first strategy, and strong omnichannel presence.
IvyCap Ventures' Vikram Gupta added that their fresh investment is due to "strong conviction in Snitch's capital-efficient growth," while SWC Global's Founding Partner Tuck Lye Koh commented that Snitch has cemented its place as a genuinely omnichannel player over the past 18 months.
Snitch first gained national prominence on Shark Tank India Season 2 when it raised Rs 1.5 crore from all six sharks on a valuation of Rs 100 crore. The company has since followed a steep growth path, and this latest funding puts it on course to become a dominant player in India's menswear segment.
.jpg "The Week that Was: Indian Startup News Overview (19th May - 1st June)")
