Shark Tank India-featured men's wear brand Snitch raises Rs 110 crore in a Series A round

Bengaluru-based men's fashion brand Snitch has raised Rs 110 crore (approximately $13 million) in a Series A funding round co-led by SWC Global and IvyCap Ventures, with participation from angel investors. 

Scaling talent and technology 

According to the startup, the raised capital would be channelled towards scaling up talent and technology. Apart from this, It will focus on building an offline retail strategy, expanding the brand's presence beyond its current digital and limited physical footprint. 

Snitch, known for its wide range of men's wear, including formal, leisure, and athleisure, plans to open over 100 offline stores across India by 2028.

Scaling annual turnover 

With this funding, Ashish Wadhwani, co-founder and managing partner of IvyCap Ventures, will join the Snitch board. The brand, established in January 2019 by Siddharth R. Dungarwal, pivoted to online sales during the pandemic.

Despite the challenging economic landscape, Snitch has achieved over Rs 100 crore turnover in FY23 and is aiming for over 100% growth in FY24.

Competitive landscape 

Snitch operates in a competitive D2C menswear market, contending with brands like DaMENSCH, Bombay Shirt Company, and Rare Rabbit. As per Market Research Future (MRFR), the global menswear market is expected to grow significantly, offering ample opportunities for growth and innovation in this sector.

Siddharth Dungarwal shared, “This funding round, especially in a challenging funding environment, is a testament to our resilience and the strength of our business model. Our focus on delivering exceptional value through our online platforms, coupled with our burgeoning offline presence, positions us well for future growth. We’re excited to continue our journey, setting new benchmarks in retail efficiency and customer satisfaction.”