The D2C menswear design firm Snitch has secured a Series A fundraising round co-led by SWC Global and IvyCap Ventures, totaling about Rs 110 crore, or $13 million.
Snitch claimed in a press release that the investment, backed by significant angel investors, will spur the company’s growth in personnel, technology, and an offline retail strategy.
Participating in Shark Tank India Season 2, the company raised Rs 1.5 crore against 1.5% equity from judges Anupam Mittal, Aman Gupta, Vineeta Singh, Namita Thapar, Peyush Bansal, and Amit Jain.
Snitch, who is four years old, provides a wide range of everyday requirements for style, including formal attire, party clothing, casual wear, and athletic wear. Plus sizes for men are also available in the Snitch Plus line.
The bulk of the company’s sales are made through its website and app, offline storefronts, and third-party marketplaces like Flipkart and Amazon. The company has opened its first retail location in Bengaluru.
By 2028, Snitch expects to have opened more than 100 physical locations throughout India.
According to Snitch, its topline surpassed Rs 100 crore in FY23, and it anticipates growing 100% in FY24. Its rivals include DaMENCH, Bombay Shirt Company, UrbanClad, and Rare Rabbit.
With over $25 million in funding to date, A91 Partners, Saama Capital, and Matrix Partners-backed DaMENCH is among the top funded firms in its industry. The Bombay Fashion Company and Rare Rabbit completed their most recent equity round in 2021. According to a media report, Rare Rabbit wants to raise $300 million to $320 million in a fresh funding round.
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