D2C menswear fashion brand Snitch has scooped up Rs 110 crore (approximately $13 million) in a Series A funding round co-led by SWC Global and IvyCap Ventures.
The investment, supported by key angel investors, will catalyze Snitch’s expansion in talent, technology, and an offline retail strategy, the company said in a press release.
The firm was a part of Shark Tank India Season 2 and raised Rs 1.5 crore against 1.5% equity from the reality show’s judges including Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain.
Four-year-old Snitch offers an extensive assortment of everyday style essentials, such as formal dress, partywear, leisure wear, and athleisure wear. Additionally, Snitch Plus is a collection offering plus sizes for men.
Also Read: The UrbanClad wants to provide affordable formal wear for men
The company also opened its first retail store in Bengaluru and the majority of its sales are generated through its website and app, offline stores and third-party marketplaces such as Flipkart and Amazon.
Snitch claims that it will open over 100 offline stores across India by 2028.
Snitch said that its topline crossed the Rs 100 crore mark in FY23 and expects a 100% growth in FY24. It competes with UrbanClad, DaMENCH, Bombay Shirt Company, and Rare Rabbit.
A91 Partners, Saama Capital, Matrix Partners-backed DaMENCH is one of the top funded companies in this space with over $25 million in its kitty to date. Rare Rabbit and Bombay Fashion Company raised their last equity round in 2021. As per media report, Rare Rabbit is looking to raise a new round at $300-$320 million valuation.
