Snitch, the Bengaluru-based direct-to-consumer (D2C) menswear brand, is raising INR 278.93 crore (~USD 33 million) in its Series B round. The round is led by 360 One Asset Management Fund with participation from existing investors SWC Global and IvyCap Ventures.
Snitch Series B Round – Key Points
- Funding Amount: INR 278.93 Cr (USD 33 million)
- Lead Investor: 360 One Asset Management (Formerly IIFL Wealth & Asset Management)
- Other Investors: SWC Global, IvyCap Ventures
- Post-Money Valuation: Approx. INR 2,500 Cr (~USD 294 million)
- Shares Issued: 1,755 Series B CCPS at INR 15.89 Lakh each
- Founder’s Stake Post Allotment: 47.12%
- Use of Funds: Product diversification, offline expansion and global entry
This is a 5x increase in valuation from the previous INR 500 Cr in Series A round in December 2023 when it raised INR 110 Cr from the same set of institutional investors. According to the RoC filings, the latest round is a preferential allotment of 1,755 Series B CCPS at a premium of INR 15,89,385 per share.
Breakup of Investment
- 360 One Asset Management: INR 220.12 Cr (~USD 25.9 million)
- SWC Global: INR 29.4 Cr
- IvyCap Ventures: INR 29.4 Cr
Post allotment, 360 One will have 9.67% stake in the company while IvyCap and SWC will remain the largest external shareholders with 10.39% and 10.17% respectively.
Growth Story and Strategy
Founded in 2019 by Siddharth Dungarwal, Snitch started as a B2B apparel supplier and then pivoted to D2C during the COVID-19 disruption. Today it is an omnichannel player in India’s fast fashion space which includes global giants like H&M and local peers like The Souled Store, Rare Rabbit and Wrogn.The brand offers a wide range of menswear including shirts, co-ords, jackets, sweaters, hoodies, jeans, innerwear and accessories. Snitch sells through its website, mobile app and increasingly through offline stores.
As of May 2025, the company has 58-59 physical stores across India in cities like Bengaluru, Delhi, Mumbai and several locations in Gujarat. 40-45% of Snitch’s revenue comes from offline.
Financials
Snitch has seen tremendous growth in the last few years. For FY24 (ended March 2024) it reported:
- Revenue: INR 241–243 Cr (100%+ YoY growth)
- Net Profit: INR 4.39 Cr (up from INR 3.1 Cr in FY23)
According to unaudited figures shared by Dungarwal, Snitch has done INR 520 Cr in FY25—2.2X growth YoY—and expects to close the year with net profits of INR 40 Cr.
Looking ahead, Snitch has big plans to:
- Open 50 new stores in the next 5–6 months
- Launch new product categories like pluswear, bags, footwear, sunglasses
- Start global expansion with a pilot in Middle East
The brand’s strategy is to deliver fast fashion at scale with rapid design cycles and strong data analytics on consumer preferences. This D2C model has worked well with Indian millennials and Gen Z, making Snitch a youthful, trend-led fashion brand with online agility and offline presence.
Outlook and Final Words
Snitch got early visibility through Shark Tank India Season 2 where it raised INR 1.5 Cr for 1.5% equity at INR 100 Cr valuation from a consortium of well-known investors including Anupam Mittal, Aman Gupta, Peyush Bansal and others. This Series B is 25x valuation from Shark Tank days, further proving the brand’s growth in Indian retail fashion space.
With strong financials, big plans and investor confidence, Snitch is finding its space in Indian D2C fashion landscape. As it looks to go IPO and global, the brand is the story of Indian startups moving from scrappy disruptors to global players.
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