Menswear Brand Snitch Secures $40 million Series B Funding for Global Expansion

Snitch, a D2C menswear brand based in India that's growing quickly, has raised $40 million in its Series B funding round to fund its expansion into both domestic and foreign markets. The funding consists of both primary and secondary funding and will help support the company's initiatives in offline retail and quick commerce.

The funding round was led by Mumbai-based 360 ONE Asset and continued to have support from existing investors SWC Global and IvyCap Ventures. New participants were the Ravi Modi Family Office, created by the promoters of ethnic wear brand Manyavar, and other angel investors.

• Snitch raises $40 million in Series B funding to expand in India and international markets.
• Plans to double retail stores from 55 to 100 by end of 2025 and enter quick commerce.
• Reports 128 percent YoY revenue growth, reaching Rs. 243 crore in FY24, with rising net profitability.

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The new funds will be used for offline expansion, and Snitch plans to grow its retail store count from 55 to at least 100 stores by the end of 2025. The company intends to build a strong presence in the 20 largest cities in India and enter South Asia and the Middle East. It is also looking into quick commerce and plans to expand its product categories into plus-size clothing, eyewear, footwear, and bags.

Out of the Rs. 340 crore raised (about $40 million); Rs. 280 crore has been dedicated to primary capital while the remaining amount was raised through secondary transactions. This allowed early investors to partially exit while welcoming in new investors like the Ravi Modi Family Office and a group of angel investors. The primary capital was mainly funded by 360 ONE Asset Management, with Rs. 220.12 crore followed by Rs. 29.40 crore each from IvyCap Ventures and SWC Global.

Founded in 2020 by Siddharth Dungarwal, Snitch, based in Bengaluru, initially started off as an offline retailer before shifting its platform online during the COVID-19 pandemic. Instead of health and wellness products, Snitch focused on expanding their online presence with a catalogue of men’s clothing and accessories, including shirts, co-ords, jackets, innerwear, and other attire that the current pandemic had propelled into fashion. In all its aspects, Snitch represents brand dedication and business potential to urban Gen Z consumers who seek fast fashion with strong design emphasis; consequently Snitch's clothing is affordable.

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Snitch has seen strong growth primarily in year-on-year increasing revenue; the numbers speak for themselves: Snitch's revenue increased by 128 percent year-on-year, to Rs. 243 crore in FY24 from Rs. 106.6 crore in FY23. The company also experienced a growth in its net profit to Rs. 4.4 crore according to Tracxn for the same period.

Speaking about the latest fundraise, CEO Dungarwal said, “With 120 percent YoY growth, 55+ stores, and a loyal customer base, we’re building a world-class brand with India at its heart”.