Snitch: Investors, Stake and Financial Performance
Shark Tank India Funding of Snitch
During Shark Tank India, Snitch received ₹1.5 crore from investors including:
- Anupam Mittal (Founder, Shaadi.com)
- Namita Thapar (Executive Director, Emcure Pharmaceuticals)
- Peyush Bansal (CEO, Lenskart)
- Aman Gupta (Co-founder and CMO, boAt Lifestyle)
- Vineeta Singh (CEO, Sugar Cosmetics)
- Amit Jain (CEO, CarDekho)
The funds were used to scale operations and increase the brand’s footprint throughout India. Snitch hopes to establish itself as a major participant in India’s fast-fashion market, competing with foreign names such as Zara.
Who Are Snitch’s Investors and How Much Has Snitch Raised till Date?
Snitch has raised a total of $13.5 million in two rounds. Its initial funding round occurred on January 30, 2023.
Its most recent investment round was a Series A round on December 2, 2023, for $13.3 million. SWC, IvyCap Ventures, and Arrowhead Communications are among the three investors in the company’s most recent round.
Snitch, the direct-to-consumer (D2C) menswear fashion brand, has the following investors:
SWC Global: a Singapore-based venture capital firm, co-led Snitch’s Series A fundraising round.
IvyCap Ventures: an Indian investment firm, co-led Snitch’s Series A funding round.
Angel investors: Including:
- Anupam Mittal, founder of Shaadi.com
- Aman Gupta, co-founder of Boat
- Namita Thapar, chief executive of Emcure Pharmaceuticals
- Vineeta Singh, co-founder of Sugar Cosmetics
- Peyush Bansal, co-founder of Lenskart
- Amit Jain (CardDekho)
Snitch’s Series A fundraising round totalled Rs 110 crore ($13 million). The financing enabled Snitch to expand into talent acquisition, technology, and offline retail.
Shareholders In Snitch and Their Stakes
Founders (the majority shareholders) own 53.50%, funds own 20.25%, enterprises own 0.58%, and other people own 17.83%. As of December 2, 2023, Snitch founders had a net worth of INR 277 crore.
| Investors | Shareholding |
| Founders | 53.50% |
| Funds | 20.25% |
| Enterprises | 0.58% |
| Other People | 17.83% |
Latest Numbers of Snitch’s Profit, Loss, Revenue, Sales, Income and Other Financial Indicators in FY24
Menswear company Snitch, which recently raised Rs 110 crore from investors including Singapore’s SWC Global and IvyCap Ventures, plans to grow its revenues to Rs 250 crore in FY24, up from Rs 110 crore the previous year.
“In terms of GMV (gross merchandise volume), we are nearly at Rs 600 crore annual revenue run-rate (ARR) right now,” founder and CEO Siddharth Dungarwal told FE. The firm provides men’s apparel, accessories, and cologne both online and at a few of its offline stores.
According to the LinkedIn post, Snitch shipped over 3.5 million items across various channels in fiscal year 2023-24 and remained profitable while increasing net sales by more than 2.25 times over the previous year.
“We closed the month of March 2024 at our highest ever gross merchandise value (GMV) of over Rs 45 crore, annual recurring revenue (ARR) of over Rs 540 crore and all of this being bootstrapped until December 2023,” continued Dungarwal.
In the last two years, it has maintained an average quarterly (Q-o-Q) revenue growth rate of 30%-35%. The company expects a 35-40% Q-o-Q growth in additional sales and revenue as it expands its physical retail footprint.
Snitch has a GMV of Rs 400 crore and expects to grow rapidly, according to the Economic Times. The company is also increasing its brick-and-mortar presence across India, citing a recent 35% to 40% increase in sales and revenue.
Snitch generally sells between Rs 800 and Rs 1,500, with an average selling price of Rs 1,100. This range makes it more inexpensive than premium labels such as H&M and Zara, but slightly more expensive than Zudio or Max. However, unlike these firms, which primarily focus on women’s clothes, Snitch only sells men’s clothing.
Snitch has expansion ambitions at every stage, from entering in the cities of Gujarat to opening 30-40 locations around the country over the next few years.
