India’s thriving direct-to-consumer (D2C) space has just witnessed another major milestone. Snitch, a rapidly growing D2C menswear brand, has raised ₹278.93 crore (around $33 million) in its Series B funding round. The round, led by 360 ONE Asset Management (formerly IIFL Wealth), also saw continued backing from existing investors SWC Global and IvyCap Ventures. This funding marks a critical step in Snitch’s journey to become one of India’s leading fashion brands, with an ambitious revenue target of ₹1,000 crore by FY26.
The Series B round has boosted Snitch’s valuation to an impressive ₹2,500 crore (approximately $300 million), representing a fivefold increase from its last reported valuation of ₹500 crore during its Series A funding in December 2023.
A Closer Look at the Series B Investment
Snitch’s Series B funding round is not just a capital boost but a strategic realignment of the company’s growth priorities. The ₹278.93 crore investment was raised through the issuance of 1,755 Series B compulsorily convertible preference shares (CCPS) at ₹15,89,385 each.
Here’s a breakdown of the key investors:
- 360 ONE Asset Management contributed the largest amount with an investment of ₹220 crore (approximately $25.9 million), making a bold statement about its confidence in the brand’s future.
- SWC Global and IvyCap Ventures, both existing backers from earlier rounds, participated again with ₹29.4 crore ($3.5 million) each.
After this round, IvyCap Ventures holds the largest external stake at 10.39%, closely followed by SWC Global at 10.17%. The new investor, 360 ONE, now holds a significant 9.67% stake.
Explosive Growth and Rising Profitability
Founded in 2019 by Siddharth Dungarwal, Snitch started as a digitally native menswear label. In just a few years, it has grown from a startup to a fashion powerhouse. Its financial performance speaks volumes:
- Operating revenue in FY24 reached ₹243 crore, more than doubling from ₹106.6 crore in FY23.
- Net profit also rose from ₹3.1 crore in FY23 to ₹4.4 crore in FY24.
This strong growth is largely fueled by the brand’s smart use of technology, particularly AI-driven demand forecasting, strategic supply chain enhancements, and highly optimized inventory management. Currently, 70% of Snitch’s sales come from online platforms, while the remaining 30% is driven by its fast-growing offline retail presence.
From Shark Tank Fame to D2C Dominance
Snitch first gained public recognition after appearing on Shark Tank India Season 2, where it secured ₹1.5 crore for a 1.5% equity stake from a group of six sharks. At that time, Snitch was valued at just ₹100 crore.
Since then, the brand has experienced meteoric growth. In December 2023, it raised ₹110 crore in a successful Series A round co-led by SWC Global and IvyCap Ventures. The brand’s valuation has since grown 25X in just over a year, a testament to its high-growth trajectory and investor confidence.
Strategic Expansion of Product Lines
Snitch began as a menswear brand focused on contemporary shirts, which still remain its best-selling category, accounting for nearly 50% of total revenue. However, the company has significantly expanded its product portfolio in the past year to include:
- Plus-size clothing
- Athleisure and loungewear
- Footwear collections
- Fashion accessories like sunglasses and jewelry
- Men’s fragrances
This diversified catalog allows Snitch to cater to a broader customer base and meet rising consumer expectations for variety and inclusivity in fashion.
Strengthening Supply Chain and Logistics
To support its increasing sales volume and aggressive growth goals, Snitch has invested ₹5 crore into scaling its supply chain operations. The company expanded its warehousing capacity by 1 lakh square feet, enabling it to handle 20,000 additional shipments per day.
This investment goes beyond physical infrastructure. Snitch has upgraded its backend with enterprise resource planning (ERP) systems, performance intelligence tools, and AI-powered logistics platforms. These tools help streamline order processing, improve demand forecasting, and enhance the overall customer experience.
Omnichannel Expansion: Scaling Offline Presence
While online sales have been the backbone of Snitch’s business, the brand is now putting a strong emphasis on offline retail to build brand visibility and deepen customer engagement.
As of January 2025, Snitch operates 45 offline stores across India. The brand has plans to open 10 additional stores in key cities such as:
- Bengaluru
- Delhi
- Hubli
- Chennai
- Guwahati
- Pune
- Rajahmundry
- Lucknow
Snitch’s larger goal is to expand its offline presence to over 100 stores by the end of 2025, as part of a robust omnichannel retail strategy aimed at maximizing both reach and revenue.
Navigating the Competitive D2C Fashion Landscape
India’s D2C fashion market is getting increasingly competitive, with several players making headlines. Snitch’s growth is especially remarkable considering the presence of formidable competitors:
- The Souled Store clocked ₹355 crore in revenue in FY24 and is now profitable.
- Rare Rabbit, a premium men’s fashion brand, has raised $18 million and crossed ₹600 crore in revenue.
- Wrogn, backed by Aditya Birla Digital Fashion, recently raised $15 million.
Despite such competition, Snitch has carved out a unique niche for itself by offering high-quality fashion at affordable prices, backed by rapid production cycles, a youthful brand identity, and a data-driven operating model.
Tech-First Fashion: The Backbone of Snitch’s Success
One of Snitch’s key differentiators is its integration of technology into fashion retail. From product design and demand forecasting to logistics and customer engagement, the brand operates with a tech-first mindset. Some of its notable tech initiatives include:
- AI-powered demand planning: Enables forecasting based on real-time trends and customer preferences.
- Automated inventory management: Reduces waste and ensures better SKU rotation.
- Performance tracking tools: Optimize marketing campaigns and measure sales conversion in real-time.
These innovations allow Snitch to respond quickly to market trends and make data-backed decisions, which is essential for success in the fast-paced fashion industry.
Aiming for ₹1,000 Crore Revenue by FY26 and IPO Ambitions
Looking ahead, Snitch has its sights firmly set on scaling to ₹1,000 crore in revenue by FY26. According to founder Siddharth Dungarwal, this ambitious goal will be driven by:
- Continued product diversification
- Offline expansion to Tier-1 and Tier-2 cities
- Technological enhancements for better personalization and logistics
- Strong brand-building through digital channels and influencer marketing
Dungarwal has also hinted at plans for a potential IPO within the next three years, indicating that Snitch could soon join the ranks of publicly traded Indian D2C companies.
Key Drivers Behind Snitch’s Rapid Rise
Several core factors have contributed to Snitch’s meteoric rise:
- Founder Vision: Siddharth Dungarwal’s deep understanding of fast fashion and e-commerce trends has been instrumental in shaping Snitch’s brand DNA.
- Tech Integration: Emphasis on AI, ERP, and digital tools helps Snitch outperform traditional fashion players in speed, efficiency, and accuracy.
- Agility in Manufacturing: Snitch boasts short production cycles, enabling it to release new collections rapidly and stay aligned with current fashion trends.
- Community Engagement: With a strong presence on social media and a growing influencer network, Snitch resonates with India’s young, urban consumers.
- Investor Confidence: Back-to-back successful funding rounds from marquee investors validate the brand’s business model and growth trajectory.
What the Future Holds for Snitch
Snitch is no longer just a startup with promise; it’s a brand with a proven track record and clear aspirations. Its bold moves—from diversifying products and scaling operations to targeting a billion-rupee revenue mark—show that the company is gearing up to become a market leader in India’s men’s fashion segment.
The coming years will be critical. Snitch must navigate supply chain complexities, consumer expectations, and increasing competition. However, with a solid tech foundation, an ambitious founder, and a highly engaged consumer base, Snitch is in a strong position to define the next chapter in India’s D2C fashion revolution.
Final Thoughts
Snitch’s journey from a Shark Tank discovery to a ₹2,500 crore valuation powerhouse is nothing short of phenomenal. The brand’s ability to scale revenue, expand product lines, attract top-tier investors, and integrate advanced technology into its operations makes it a standout success story in India’s booming fashion landscape.
As it sets its sights on a ₹1,000 crore revenue goal and explores the potential for a public listing, Snitch is not just riding the D2C wave—it’s helping shape it.