[Update] D2C Fashion Brand Snitch Raises $40 Mn For Offline Expansion

Update | June 2, 10:30 AM

D2C fashion brand Snitch has raised $39.6 Mn (about INR 338.4 Cr) in its Series B funding round, led by 360 ONE Asset.

The round also saw participation from Ravi Modi Family Office (founders of Manyavar), existing investors IvyCap Ventures and SWC Global, and a few angel investors, Snitch said in a statement.

Snitch said it would use the capital to increase the number of its offline retail stores to over 100 by the end of 2025 from over 55 currently. A part of the newly raised funds will also be used to enter the quick commerce space, launch new product categories across apparel and lifestyle, and pilot operations in international markets.

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Original | May 29, 01:53 PM

D2C fashion brand Snitch is raising INR 278.93 Cr (around $33 Mn) in a fresh funding round to be led by 360 Asset Management Fund, with participation from existing investors IvyCap Ventures and SWC Global. 

According to the startup’s MCA filing assessed by Inc42, the board of Snitch has passed a special resolution on May 27 to allot 1,755 Series B compulsory convertible preference shares (CCPS) at a face value of INR 10 and premium of INR 15.89 Lakh on a preferential allotment basis. 

While 360 Asset Management Fund will be investing INR 220.12 Cr, IvyCap Ventures and SWC Global will infuse INR 29.40 Cr each.

Without disclosing further details, Snitch founder and chief executive Siddharth Dungarwal told Inc42 that the funding is a part of the larger round.

Entrackr reported the development first.

The development comes at the heart of Bengaluru-based Snitch’s plans to boost its product offerings, and expand offline stores as well as global footprints. 

Last month, in an exclusive interaction with Inc42, Dungarwal said that the startup plans to enter pluswear, bag, footwear, and sunglasses categories in the ongoing financial year. Besides, it is also planning to open 50 new stores in the coming five months from now. 

Apart from bolstering its plans to capture the Indian apparel market, the startup is also looking to pilot its operation in the Middle East region. 

Founded in 2019 by Dungarwal, Snitch started in the fashion and apparels sector in the offline space. But the startup had to pivot its operations online during the Covid-19 disruption. It sells a range of products including shirts, jackets, hoodies, co-ords, sweaters, innerwears, among others, via its own website, stores, and ecommerce marketplaces.

Till date, the startup has raised $13.4 Mn in total funding. It last raised INR 110 Cr co-led by  SWC Global and IvyCap Ventures back in 2023. 

On the financial front, Snitch’s operating revenue zoomed 127.89% to INR 243 Cr in the financial year 2023-24 (FY24) from INR 106.6 Cr in the year ago period. On the back of its strong top line, the startup’s net profit jumped 1.3X to INR 4.4 Cr in the year under review from INR 3.1 Cr in FY23. 

According to the unaudited financial numbers of Snitch, it posted an operating revenue of INR 520 Cr in FY25, Dungarwal shared. He further told Inc42 that the startup earned 40-45% of its revenue from its offline stores. It currently operates 51 stores in total. 

The IvyCap Ventures-backed startup aims to achieve a top line of INR 1,000 Cr in FY26 and plans to prepare for its initial public offering when it achieves a bottom line of INR 100 Cr.