Latest news with #ChetanNaik
Time of India
4 days ago
- Business
- Time of India
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. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 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 offline retail contributes to 50% of its revenue, followed by its website and app, which contribute 35%, with the remaining coming from 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 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.
Fashion Network
4 days ago
- Business
- Fashion Network
Snitch raises $40 million in series B funding round led by 360 One Asset
Snitch, a direct-to-consumer menswear brand has raised around $40 million (Rs 341 crore) in series B funding round led by 360 One Asset to fuel offline scale-up, quick commerce, and global ambitions. The funding round also saw participation from existing investors Ivycap Ventures and SWC Global, along with Ravi Modi Family Office and other angel investors. The fresh capital will be used for the brand's aggressive next phase of growth which includes offline expansion, entry into quick commerce, international expansion and product portfolio diversification. Commenting on the funding, Siddharth Dungarwal, founder CEO of Snitch in a statement said, 'This fundraise is a backing to our belief that Indian fashion can move with speed, scale and confidence, and truly compete at a global stage. With 120% YoY growth, 55+ stores with strong unit economics, and strong loyal customer base, we're stepping into a bigger league, building a world-class brand with India at its heart and agility at its core.' Chetan Naik, senior fund manager at 360 One Asset added, 'With a distinctive operating model that blends weekly design launches, full-stack execution, and lean manufacturing, Snitch has demonstrated the rare ability to deliver high growth while maintaining strong unit economics and exceptional capital efficiency. We are excited to back Siddharth and the Snitch team as they lead the next phase of fashion innovation from India.' Founded in 2020 as a direct-to-consumer brand with its website, Snitch currently has over 50 stores across 20 cities in India.
