Bengaluru-based D2C fast fashion brand Snitch has raised a whopping Rs 110 crore in a Series A funding round. The funding round was co-led by SWC Global and IvyCap Ventures Advisors Private Limited with support from key angel investors. The company will use the funding to accelerate its growth plans.
Snitch is known for its trendy men’s apparel. The brand is now gearing up for a significant expansion spree with a focus on talent acquisition, technology enhancement, and the implementation of an offline retail strategy. The company has already made waves in the digital space, with its app boasting over two million downloads and catering to fashion enthusiasts across several states in India through its website and app. You may have already seen Snitch ads on Instagram.
The brand recently stepped into offline retail with its first store in Bengaluru, marking a milestone in its growth journey. The company also has plans to open more than 100 offline stores across India within the next 4-5 years.
Expressing confidence in Snitch’s innovative business model, Tuck Lye Koh, Founding Partner of SWC Global, stated, “Our decision to invest in Snitch is rooted in our belief in their visionary approach to fast fashion. Snitch’s performance, especially in a challenging economic landscape, is a testament to its innovative business model and deep understanding of consumer needs.”
Snitch was founded in January 2019 by Siddharth Dungarwal. He initially operated as a B2B fashion brand before making a splash in the D2C space in 2022. The company has achieved a remarkable turnover exceeding Rs 100 crore in FY23, with a projected growth of over 100% in FY24.
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, emphasized, “The brand’s unparalleled business model and a differentiated approach set them apart in their segment. We invested in this company, recognizing their ability to not just stay on top of the trends but to create them, propelling them to the forefront of their industry.”
It is worth noting that Snitch founders also presented the brand at Shark Tank and raised Rs. 1.5 cr in an all-shark deal. This appearance also boosted the popularity of the brand.
