Apparel brand Snitch secures Rs 279 Cr at Rs 2,500 Cr valuation
360 One Asset has joined the Snitch's captable with an infusion of Rs 220.12 crore. Post allotment, founder Siddharth Dungarwal has pared down his stake to 47.12%.
Omnichannel men's fashion retailer Snitch has raised Rs 278.9 crore as part of its ongoing Series B funding round at a valuation of Rs 2,500 crore ($294 million), led by 360 One Asset Management Fund.
The round, which saw participation from existing investors, SWC Global and IvyCap Ventures, marked a 5X jump in the company's valuation—from a previous estimation of Rs 500 crore.
Snitch's board approved the issuance of 1,755 Series B CCPS (compulsory convertible preference shares) at an issue price of Rs 15,89,385 to raise Rs 278.9 crore, according to filings made with the Registrar of Companies (RoC).
360 One Asset has joined the company's captable with an infusion of Rs 220.12 crore, while SWC Global Fund and IVY Cap Ventures each infused Rs 29.04 crore. Post allotment, founder and director Siddharth Dungarwal pared down his stake to 47.12%.
In the regulatory filings, Snitch expects its net profit to be around Rs 40 crore at the end of the current financial year.
The Bengaluru-based brand last raised Rs 110 crore in December 2023. The Series A round was co-led by SWC Global and IvyCap Ventures Advisors Private Limited.
Founded in 2019 by Dungarwal, Snitch initially started as a B2B apparel platform, pivoting to D2C during COVID-19.
Its peer, Rare Rabbit, raised Rs 50 crore from A91 Partners at a $280 million valuation in February earlier this year. The company had last raised Rs 150 crore from A91 Partners and Nikhil Kamath-backed NkSquared.
Edited by Kanishk Singh