D2C Menswear Brand Snitch Raises $40M In Series B Round

Snitch, a D2C menswear brand has raised up to $40 million in its Series B funding round led by 360 ONE Asset.

The round also saw participation from existing investors IvyCap Ventures and SWC Global, along with the Ravi Modi Family Office and other angel investors.

The company plans to expand its offline stores in India’s top 20 cities and enter markets in the Middle East and South Asia. It also wants to focus more on fast deliveries through quick commerce and introduce new product categories.

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In December 2023, Snitch raised Rs 110 crore in its Series A round led by SWC Global and IvyCap Ventures Advisors Private Limited.

The company reached Rs 500 crore in net sales and made a profit. It aims to reach Rs 1000 crore in total sales by the end of this financial year.

"We've always had a strong belief in scaling our own channel. Even with quick commerce, it'll primarily be through our own channel. We currently have 58+ stores, and hopefully by the end of this year, we'll have over 100 stores, which will also function as dark stores. The app will be fully integrated with these stores, and that's what we'll use to scale up quick commerce. Though for a few categories we may go on other platforms, it will largely be through our own channel," Siddharth Dungarwal, Founder & CEO, Snitch.

"It has built a unique playbook in Indian fashion, combining trend agility, digital-first execution, and omnichannel reach. With a distinctive operating model that blends weekly design launches, full-stack execution, and lean manufacturing, Snitch has demonstrated the rare ability to deliver high growth while maintaining strong unit economics and exceptional capital efficiency. " shared Chetan Naik, Senior Fund Manager and Strategy Head - Technology, 360 ONE Asset.

About Snitch 

Founded in 2020 by Siddharth Dungarwal, Snitch sells stylish and affordable clothes through its website, mobile app, and growing number of physical stores.

Snitch appeared on the second season of Shark Tank India and raised Rs 1.5 crore by giving 1.5% ownership to Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain. The company was valued at Rs 100 crore.

Snitch plans to grow across India and other countries and is getting ready to go public.

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