Bengaluru-based D2C fashion label Snitch has secured $39.6 million (INR 338.4 Cr) in its Series B funding round, led by 360 ONE Asset, with participation from Ravi Modi Family Office (founders of Manyavar), IvyCap Ventures, SWC Global, and angel investors. The company plans to use the fresh capital to significantly ramp up its offline retail presence, diversify product offerings, and pilot international expansion.
According to regulatory filings, Snitch’s board approved the allotment of 1,755 Series B compulsory convertible preference shares (CCPS) at a face value of INR 10 and a premium of INR 15.89 lakh. The bulk of the funding INR 220.12 Cr will come from 360 Asset Management Fund, while IvyCap Ventures and SWC Global will each contribute INR 29.40 Cr.
“This is part of a larger fundraising round,” said Siddharth Dungarwal, Founder & CEO of Snitch, speaking to Inc42.
Expansion Plans: Offline, Quick Commerce & New Categories
Currently operating 51 stores, Snitch aims to double that count to 100+ by the end of 2025, with 50 new outlets expected in the next five months. The company is also preparing to enter the quick commerce space, and launch fresh categories including pluswear, bags, footwear, and sunglasses.
Snitch is exploring international markets, starting with a pilot operation in the Middle East, aligning with its long-term vision of becoming a global fashion force from India.
Financial Growth and Future Outlook
Founded in 2019, Snitch pivoted from offline to online during the COVID-19 pandemic and has since built a thriving omnichannel presence. It sells fashion products through its own website, physical stores, and e-commerce platforms.
On the financial front, Snitch posted a 127.89% surge in revenue to INR 243 Cr in FY24, up from INR 106.6 Cr in FY23. Net profit also jumped to INR 4.4 Cr, a 1.3X increase. The company expects to close FY25 with INR 520 Cr in revenue, with 40-45% driven by offline retail.
Snitch has raised $13.4 Mn till date and is now setting sights on achieving INR 1,000 Cr in revenue by FY26, with a net profit target of INR 100 Cr, ahead of a planned IPO.
