Clothing Brand Snitch Disrupting the Market with Shark Tank India Success and $13M Series A Funding

Snitch is an internet-based brand that specializes in offering a wide range of clothing for men. SNITCH is proudly a 100% “Made in India” brand. Their product catalog includes a variety of items such as T-shirts, Shirts, Trousers, Jeans, Cargo pants, Jackets, Sweaters, etc. Snitch offers these garments in different colors, designs, and sizes to cater to the diverse needs and preferences of their customers. In addition to individual purchases, the company also accepts bulk orders, which could be useful for businesses, organizations, or large groups looking to outfit their members or employees with branded apparel. Snitch is a company that operates in the business-to-consumer (B2C) market, specifically in the retail and consumer goods sectors. This means Snitch sells products directly to individual consumers, rather than to other businesses.

Related: Fashion Startup Lyskraft, Co-founded by Former Zomato Exec and Myntra Founder, Raises $26 Mn

Siddharth Dungarwal is the passionate entrepreneur behind SNITCH, a fast-growing fast fashion brand for men in India. Siddharth, who has a Bachelor’s degree in Commerce, started his entrepreneurial journey in 1992 with a men’s shirt brand called Mr & Mr. In 2020, Siddharth launched SNITCH to fill a gap he identified in the market. Siddharth, who is mostly self-taught, got into manufacturing after a chance encounter. He grew that business to 50-60 crore INR before starting SNITCH.

Siddharth showcased SNITCH on the popular TV show Shark Tank India, seeking 1.5 crore INR for 0.5% equity at a 300 crore valuation. His impressive pitch on Shark Tank caught the attention of the investors. SNITCH was doing well, with 2000 daily orders, 50,000 daily website visitors, and 5 lakh app downloads. The brand’s monthly revenue was 9.3 crore INR, showing significant growth. Siddharth had bootstrapped the business and showcased a 5% EBITDA. The Sharks were convinced and offered 1.5 crore INR for 1.5% equity (0.3% each) at a 100 crore valuation. This was an all-five sharks deal, indicating SNITCH’s promising future. The plans include expanding to more marketplaces, opening 10-15 offline stores in India, and exploring new product categories.  After the Shark Tank appearance, SNITCH’s revenue spiked by 30%, hitting 11 crore INR monthly. Recently, SNITCH also secured $13 million in Series A funding, aiming to scale talent, technology, and unveil an offline retail strategy.

Snitch is a company that has raised a total of $13.5 million in funding over 2 rounds of investment. The first funding round was an Angel round that took place on January 30, 2023, where Snitch raised $184,000. This round was led by investors like Anupam Mittal, Aman Gupta, and 4 other investors. The latest funding round for Snitch was a Series A round that closed on December 5, 2023. In this round, Snitch raised $13.3 million. The lead investors in this round were SWC and IvyCap Ventures, along with 1 more investor. After the Series A round, Snitch’s post-money valuation is $1,601,916, and its revenue multiple is 6,183,984.

• Institutional Investors: Snitch has 4 institutional investors, which are larger organizations that invest in companies. The institutional investors include IvyCap Ventures, SWC, and Venture Garage. IvyCap Ventures is the largest of these institutional investors in Snitch.
• Angel Investors: Snitch also has 6 angel investors, which are individuals who invest their own money in the company. The angel investors include Peyush Bansal and 5 other people.

Snitch has a total of 998 competitors, and it ranks 2nd among them. This means that Snitch is the second-largest player in this competitive market. Out of Snitch’s 998 competitors, 40 of them are funded, and 26 have exited (likely through acquisition or IPO). This suggests that the market is quite active, with a significant number of funded and successful companies. In total, Snitch and its competitors have raised over $512 million in funding across 106 funding rounds, involving 441 investors. This indicates that the overall market is well-funded and has attracted a significant amount of investment.

Snitch’s top competitors

• Bewakoof: An internet-first brand offering multi-category fashion products. It is the largest competitor, having raised the most funding ($39.5 million).
• Styched: An internet-first brand offering multi-category fashion products for men and women. It is the third-largest competitor, having raised the least funding ($721,000).
• RapidBox: An internet-first brand offering multi-category fashion products. It is the fourth-largest competitor, having raised $7.28 million in funding.

Snitch has a total of 998 competitors, and it ranks 2nd among them. This means that Snitch is the second-largest player in this competitive market. Out of Snitch’s 998 competitors, 40 of them are funded, and 26 have exited (likely through acquisition or IPO). This suggests that the market is quite active, with a significant number of funded and successful companies. In total, Snitch and its competitors have raised over $512 million in funding across 106 funding rounds, involving 441 investors. This indicates that the overall market is well-funded and has attracted a significant amount of investment.

• Snitch now offers premium men’s suits.
• Snitch now makes personal care items and fragrances, too.
• Snitch opened a new store in Bangalore to reach more customers.
• Snitch hired Maruthy Ramgandhi as their new CTO to manage technology and digital projects.
• Snitch hired Varun Muralidharan to lead retail operations and manage projects for stores and strategy.
• Snitch secures Series A funding with JSA and NovoJuris Legal advising.