Shark Tank Featured Brand Snitch Releases FY24 Numbers: Revenue Rises 2.3X, Reaches INR 243 Cr

Snitch, a D2C fashion brand, had its net profit climb 1.3X to INR 4.4 Cr in the fiscal year 2023-24 (FY24) from INR 3.1 Cr in FY23, thanks to a robust top line increase.

Snitch was founded in 2019 by Siddharth Dungarwal and began as an offline retail brand. It shifted to internet sales a year later, as stay-at-home mandates during the epidemic forced physical retail businesses to close across the country. Snitch carries a variety of men’s clothing items, including shirts, jackets, hoodies, co-ords, sweaters, and innerwear.

Snitch’s operating revenue increased by 127.89% to INR 243 crore in the fiscal year under review, up from INR 106.6 crore in FY23.

Related: Shark Tank Fame D2C Fashion Brand Snitch Plans For 10 New Offline Stores by January

The firm appeared on Shark Tank India 2023 and received an all-shark transaction of INR 1.5 crore from Aman Gupta, Namita Thapar, Anupam Mittal, Peyush Bansal, and Vineeta Singh.

It previously raised INR 110 crore ($13.19 million) in a Series A fundraising round headed by SWC Global and IvyCap Ventures.

The revenue gain, according to Dungarwal, was driven by product expansion and increased online sales.

“Our revenue growth in FY24 was fuelled by robust enhancements in our supply chain, supported by deeper investments in data-driven demand forecasting and AI-powered decision-making,” Dungarwal confirmed to Inc42.

He attributed the startup’s success to its concentration on profitable development in online marketplaces, as well as a deliberate push for its iOS and Android apps. The creator noted that internet sales now account for 70% of overall sales.

Pilot areas like shoes, accessories, and perfumes benefited greatly from data-driven insights. “We used data from our online footprint to strategically optimise store locations,” he told me.

Looking ahead to 2025, Snitch is focusing on offline expansion while keeping a strong digital presence. It has opened 34 offline outlets in the last eight months and plans to add 10 more in January 2025 alone.

“Our goal is to aggressively expand our offline footprint to 100 stores this year by adding over 65 new outlets,” Dungarwal told me.

According to him, this hybrid strategy is likely to result in a 125% rise in revenue in FY25, with offline outlets accounting for 30% of total sales. The remaining 70% of sales will continue to come through digital means.

In keeping with the increase in sales, Snitch’s expenses increased by 132.15% to INR 236.1 Cr in FY24 from INR 101.7 Cr the previous fiscal year. Here’s a breakdown of their expenses:

The startup’s Employees Benefit Expenses increased by 32.01% to INR 4 crore from INR 3.1 crore in FY23.

Advertising and promotional expenses increased 39.72% year on year (YoY) to INR 35 crore in FY24.

The startup’s marketplace charges was INR 12.7 crore in FY24. This cost was zero in the prior year because it did not have a presence on markets in FY23.