Menswear brand Snitch closes Series B round at $40M
Menswear retailer Snitch is primarily looking to expand its retail footprint, double down on its omnichannel strategy with quick commerce.
D2C menswear brand Snitch has raised $40 million in its Series B round, led by 360 One Asset, to support its ambitions in quick commerce and offline retail.
The round also witnessed participation from existing investors IvyCap Ventures and SWC Global, as well as Ravi Modi Family Office (founders of Manyavar) and other angel investors, the company announced in a press note.
The company primarily plans to scale its offline store network to cover the top 20 cities in the country as well as set foot in the Middle East and South Asia. It is also looking to double down on consumer preferences for faster deliveries with quick commerce and launch some new categories.
"We've always had a strong belief in scaling our own channel. Even with quick commerce, it'll primarily be through our own channel. We currently have 58+ stores, and hopefully by the end of this year, we'll have over 100 stores, which will also function as dark stores. The app will be fully integrated with these stores, and that's what we'll use to scale up quick commerce. Though for a few categories we may go on other platforms, it will largely be through our own channel," Siddharth Dungarwal, Founder & CEO, Snitch told YourStory.
The company crossed Rs 500 crore in net sales target while being profitable and is looking to touch Rs 1000
crore in topline by the end of current financial year.
The round was closed at a 5X jump in the company's valuation to Rs 2,500 crore ($294 million) from a previous estimation of Rs 500 crore.
"It has built a unique playbook in Indian fashion, combining trend agility, digital-first execution, and omnichannel reach. With a distinctive operating model that blends weekly design launches, full-stack execution, and lean manufacturing, Snitch has demonstrated the rare ability to deliver high growth while maintaining strong unit economics and exceptional capital efficiency. " shared Chetan Naik, Senior Fund Manager and Strategy Head - Technology, 360 ONE Asset in a press note.
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.