D2C fashion brand Snitch has secured $39.6 Mn (approx. INR 338.4 Cr) in its Series B funding round, led by 360 ONE Asset.
The round also saw participation from the Ravi Modi Family Office (founders of Manyavar), existing backers IvyCap Ventures, SWC Global, and a few angel investors.
The Bengaluru-based startup will use the capital to expand its offline retail presence, from 55+ stores currently to over 100 by the end of 2025. The funds will also support entry into the quick commerce segment, launch of new categories like bags, footwear, and sunglasses, and pilot international operations, particularly in the Middle East.
Snitch was founded in 2019 by Siddharth Dungarwal. Initially launched as an offline fashion label, the company pivoted online during the pandemic. It now sells a wide variety of men’s apparel—including shirts, co-ords, jackets, sweaters, hoodies, and innerwear—through its own website, offline stores, and leading ecommerce platforms.
Snitch plans to open 50 new stores in the next five months and broaden its product offerings within FY25.
To date, the company has raised $13.4 Mn in funding, including INR 110 Cr in 2023, co-led by IvyCap Ventures and SWC Global.
Financially, Snitch recorded an impressive 127.89% YoY revenue growth, climbing from INR 106.6 Cr in FY23 to INR 243 Cr in FY24. The startup also reported a net profit of INR 4.4 Cr, a 1.3X increase from INR 3.1 Cr the previous year. As per unaudited figures, FY25 revenue reached INR 520 Cr.
Going forward, the IvyCap Ventures-backed startup is targeting a top line of INR 1,000 Cr in FY26 and plans to pursue an IPO once it hits a net profit of INR 100 Cr.
