Snitch nears Rs 500 Cr revenue in FY25, stays close to breakeven

After clocking a sharp 2.3X growth in FY24, D2C menswear fashion brand Snitch sustained its momentum in FY25, doubled its scale, crossed the Rs 500 crore income mark and stayed close to breakeven.

Snitch’s revenue from operations surged to Rs 498 crore in FY25, compared to Rs 241 crore in FY24, according to its annual financial statements sourced from the Registrar of Companies (RoC).

Founded in 2020 by Siddharth Dungarwal, Snitch sells trendy and affordable men’s apparel and accessories through its website and app. Income from apparel and accessories remains the company’s sole revenue stream, although it has recently entered the quick commerce segment.

On the expense side, procurement costs remained the largest cost centre, accounting for nearly 45% of total expenditure. With scale, procurement expenses more than doubled to Rs 230 crore in FY25.

Employee benefit expenses stood at Rs 65 crore, while advertising and marketing costs rose to Rs 83 crore during the year. Rent, telephone charges, marketplace fees, and other overheads further pushed overall expenses to Rs 508 crore in FY25, up from Rs 236 crore in FY24.

Despite the two-fold jump in scale, Snitch managed to keep losses under control, staying close to breakeven in FY25. This comes after the company had reported a profit of Rs 4 crore in FY24. Its ROCE and EBITDA margins stood at -5.8% and -1%, respectively, in FY25. On a unit economics basis, the company spent Rs 1.02 to earn every rupee of revenue during the year. As of FY25, Snitch’s total current assets were recorded at Rs 226 crore.

According to startup data intelligence platform TheKredible, Snitch has raised over $53 million to date, including a $40 million Series B round led by 360 ONE Asset in June last year.

Snitch operates in an increasingly competitive D2C fashion market, competing with players such as The Souled Store, which reported a 36% growth in revenue to Rs 492 crore in FY25. It also goes up against Rare Rabbit, which recently raised $6 million from A91 Partners and is targeting Rs 1,000 crore in revenue, and Wrogn, which secured $9 million in funding in October last year from Aditya Birla Digital Fashion.