360 ONE Leads Investment; SWC Global and IvyCap Ventures Participate
Direct-to-consumer (D2C) menswear brand Snitch has successfully raised ₹278.93 crore (approximately $33 million) in its Series B funding round. The round was led by 360 ONE Asset Management (formerly IIFL Wealth), with continued support from existing investors SWC Global and IvyCap Ventures.
The funding was secured through the issuance of 1,755 Series B compulsorily convertible preference shares (CCPS) at ₹15,89,385 each. Post-allotment, Snitch’s valuation has surged to approximately ₹2,500 crore ($300 million), marking a fivefold increase from its ₹500 crore valuation during the Series A round in December 2023.
Investment Breakdown and Shareholding Structure
In this funding round, 360 ONE Asset Management contributed ₹220 crore ($25.9 million), while SWC Global and IvyCap Ventures each invested ₹29.4 crore ($3.5 million).
Post-investment, IvyCap Ventures and SWC Global remain the largest external shareholders, holding 10.39% and 10.17% stakes, respectively. The new investor, 360 ONE, now holds a 9.67% stake in the company.
Financial Performance: Doubling Revenue in FY24
Founded in 2019 by Siddharth Dungarwal, Snitch has demonstrated impressive financial growth. The company reported an operating revenue of ₹243 crore in the financial year 2023-24 (FY24), more than doubling its revenue from ₹106.6 crore in FY23. Net profit also increased to ₹4.4 crore in FY24 from ₹3.1 crore in the previous fiscal year.
This growth was as a result of robust improvements to the supply chain, a deeper investment in data-driven demand forecasting, and a more AI-based, data-driven decision-making model. Online sales now compose 70% of total sales and offline sales compose the remaining 30%.
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Expanding Retail Footprint
Snitch has been aggressively expanding its offline presence. As of January 2025, the brand operates 45 physical stores across India, with plans to add 10 more stores in cities including Bengaluru, Delhi, Hubli, Chennai, Guwahati, Pune, Rajahmundry, and Lucknow.
The company aims to scale its offline footprint to over 100 stores by the end of 2025, in line with its broader omnichannel strategy.
Shark Tank India and Early Funding
Snitch gained significant attention after appearing on Shark Tank India Season 2, where it secured ₹1.5 crore for a 1.5% equity stake from investors Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain, at a valuation of ₹100 crore.
In December 2023, Snitch raised ₹110 crore (approximately $13 million) in its Series A funding round, co-led by SWC Global and IvyCap Ventures.
Product Diversification and Technological Investments
Snitch has diversified its product offerings to include plus-size apparel, athleisure wear, footwear, sunglasses, jewelry, and fragrances. Shirts remain the top category, contributing 50% to revenue, but fragrances, jewelry, and bottom wear are rapidly growing segments.
The company has also invested approximately ₹5 crore to expand its warehousing capacity by 1 lakh sq ft, aiming to dispatch an additional 20,000 shipments per day. This expansion includes the integration of ERP, PI tools, and AI technologies to enhance operational efficiency.
Competitive Landscape
Snitch operates in a competitive D2C fashion landscape, contending with brands like The Souled Store, which reported ₹355 crore in revenue and turned profitable in FY24; Rare Rabbit, which recently raised $18 million from A91 Partners and crossed ₹600 crore in revenue in FY24; and Wrogn, backed by Aditya Birla Digital Fashion, which raised $15 million in 2023.
Future Outlook
Founder and CEO Siddharth Dungarwal has lofty goals for Snitch, with a vision of achieving ₹1,000 crore revenue by FY26 and a potential IPO in the next three years. With a strong D2C model, strong offline expansion, and confidence from investors, Snitch is well-equipped to established itself within India’s fast growing D2C fashion segment.
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