Menswear fashion brand Snitch raises up to $40 million in round led by 360 One Asset
Existing investors, Singapore-based VC firm SWC Global, early-stage VC firm IvyCap Ventures, Ravi Modi Family Office (founders of Manyavar) and other angel investors participated. The funds will help scale offline retail stores to over 100 by the end of 2025, enter quick commerce, launch new product categories across apparel and lifestyle and pilot global markets.
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Omnichannel menswear fashion brand Snitch has raised up to $40 million in a funding round led by 360 One Asset (formerly IIFL Wealth & Asset Management).The round also saw participation from existing investors Singapore-based venture capital firm SWC Global, early-stage venture capital firm IvyCap Ventures, along with Ravi Modi Family Office (founders of Manyavar) and other angel investors.The funds will be used to scale offline retail stores to over 100 by the end of 2025, enter quick commerce, launch new product categories across apparel and lifestyle and pilot international markets.Founded in 2020, Snitch operates in the fast fashion segment, where large companies such as H&M and Zudio also operate. Snitch, which sells a range of menswear, including shirts, T-shirts, jeans, jackets, sweaters, hoodies and accessories, currently operates around 59 physical stores across India.'We closed FY25 at over Rs 500 crore in net sales, with a strong omnichannel footprint and consistent growth… Our goal is to scale to over Rs 900 crore,' founder Siddharth Dungarwal told ET.Currently, offline retail contributes to 50% of its revenue, followed by its website and app, which contribute 35%, with the remaining coming from marketplaces.In FY24, the brand had reported revenue of Rs 243 crore, as per Tracxn. It is yet to file financial statements for 2024-25 with the Registrar of Companies (RoC).The Bengaluru-based company last raised funding in December 2023, when it got an infusion of Rs 110 crore in a round led by SWC Global and IvyCap Ventures.Commenting on the investment, Chetan Naik, senior fund manager and strategy head - technology, 360 One Asset, said, 'Snitch is one of the fastest-growing, profitable, scaled D2C brands in India . It has built a unique playbook in Indian fashion, combining trend agility, digital-first execution, and omnichannel reach.''Our reinvestment in Snitch further confirms our conviction in its strong execution ability, capital-efficient growth, and sharp positioning in the men's fashion space,' Vikram Gupta, founder and managing partner, IvyCap Ventures.
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