D2C fast fashion brand Snitch bags Rs 110 Cr in Series A funding
The capital will fuel Snitch's expansion initiatives in talent acquisition, technology, and the implementation of an offline retail strategy.
Men’s apparel fashion brand has secured Rs 110 crore in a Series A funding round co-led by and , with support from key angel investors.
The fresh capital will fuel Snitch's expansion initiatives in talent acquisition, technology, and implementing an offline retail strategy to further build upon its market performance.
Snitch debuted in offline retail with its first store in Bengaluru. Its app has garnered over two million downloads, serving several states across India, primarily through its website and app.
"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,” said Tuck Lye Koh, Founding Partner, SWC Global.
Based in Bengaluru, Snitch has achieved a turnover exceeding Rs 100 crore in FY23, with a projection of over 100% growth in FY24. The company plans to expand its footprint by opening more than 100 offline stores across India within the next 4-5 years.
“The brand's unparalleled business model and a differentiated approach set them apart in their segment. We invested in this company, recognising their ability to not just stay on top of the trends but to create them, propelling them to the forefront of their industry," said Vikram Gupta, Founder and Managing Partner of IvyCap Ventures.
Ashish Wadhwani, Co-founder and Managing Partner of IvyCap Ventures, will join the board at Snitch on behalf of IvyCap Ventures.
"Our focus on delivering exceptional value through our online platforms, coupled with our burgeoning offline presence, positions us well for future growth,” said Siddharth Dungarwal, Founder of Snitch.
Founded in January 2019 by Siddharth Dungarwal, Snitch initially operated as a B2B fashion brand before debuting in the D2C space in 2022.
(The copy was updated with a quote.)
Edited by Kanishk Singh