Latest news with #Dungarwal
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Business Standard
3 days ago
- Business
- Business Standard
Snitch raises $40 mn to expand men's fashion brand in India, overseas
Snitch, a rising direct-to-consumer (D2C) menswear brand in India, has secured up to $40 million in a Series B funding round aimed at accelerating its expansion plans. The round was led by Mumbai-based 360 ONE Asset, with continued support from existing investors IvyCap Ventures and SWC Global. New backers included the Ravi Modi Family Office — associated with ethnic wear giant Manyavar — as well as a group of angel investors. Founded to address the evolving fashion preferences of India's urban male consumers, Snitch has gained traction for its affordable, trend-forward apparel. The company plans to use the fresh capital to broaden its offline retail presence from more than 55 stores to over 100 by the end of 2025. It also intends to enter the quick commerce space, offering near-instant delivery of fashion items, and expand into new lifestyle and apparel categories. Additionally, Snitch is eyeing international markets, with pilot launches expected in the near future. 'Snitch has been a force redefining fashion making in India for the world. 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,' said Siddharth Dungarwal, founder and chief executive officer (CEO) of Snitch. With 120 per cent year-on-year (Y-o-Y) growth, more than 55 stores, and strong loyal customer base, Dungarwal said the firm is stepping into a bigger league, building a world-class brand. 'As we gear up for global expansion and entering the public markets, this marks a bold step towards creating one of India's most iconic fashion stories,' added Dungarwal. Chetan Naik, senior fund manager and strategy head for technology at 360 ONE Asset, described Snitch as one of India's fastest-growing and profitable scaled D2C brands. He noted the company's distinctive approach to fashion retail, citing its agility in tracking trends, digital-first execution, and expanding its omnichannel presence. Naik highlighted Snitch's operating model, which combines rapid design cycles, end-to-end execution, and lean manufacturing. 'Snitch has demonstrated the rare ability to deliver high growth while maintaining strong unit economics and exceptional capital efficiency,' said Naik. He added, 'Its sharp focus on men's fashion, backed by a scalable offline model, positions it well to become a category-defining brand.' Vikram Gupta, founder and managing partner at IvyCap Ventures, said the firm's reinvestment in Snitch reflects its continued confidence in the brand's execution capabilities, capital-efficient growth, and distinct positioning within the men's fashion segment. He noted that with a targeted focus on Gen Z and millennial consumers, along with a scalable omnichannel strategy, Snitch is on a strong path towards category leadership. Tuck Lye Koh, founding partner, SWC Global, said Snitch continues to demonstrate strong supply chain management as well as high focus on customer experience. He said over the last 18 months, with the offline expansion, Snitch has established itself into a truly omnichannel brand. 'We are looking forward to our continued partnership with the team to grow Snitch into a leading men's apparel brand in the country,' said Tuck Lye Koh. Founded in 2020, Snitch has emerged as a standout in India's D2C fashion market. It previously raised Rs 110 crore in its Series A round in December 2023, which laid the foundation for its offline expansion, tech stack, and product depth. Since then, it has doubled revenue, strengthened brand equity, and built a community-first approach to fashion for Gen Z and millennial men. PwC India Investment Banking team acted as the exclusive financial advisor to Snitch on the successful closure of Series B round. JSA was the legal counsel to Snitch on this transaction.
Time of India
7 days ago
- Business
- Time of India
Menswear brand Snitch raises Rs 278 crore from 360 One Asset, others
Omnichannel menswear fashion brand Snitch has raised Rs 278 crore in a round led by 360 One Asset (formerly IIFL Wealth & Asset Management). The round also saw existing investors SWC Global, a Singapore-based venture capital firm, and IvyCap Ventures, an early-stage venture capital firm, participate. The company's board has passed a resolution to issue 1,755 compulsorily convertible preference shares at a premium of Rs 15,89,385 each to raise Rs 278.93 crore, as per filings sourced from business intelligence platform Tofler. 360 One Asset has invested Rs 220 crore, while SWC Global and IvyCap Ventures have invested Rs 29 crore each. Founded in 2018, 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. Live Events Earlier, Snitch founder Siddharth Dungarwal had told ET that the company expects offline sales to contribute around one-third of its projected revenue of over Rs 600 crore for the financial year that ended in March 2025. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 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. In April, Dungarwal revealed that the brand's revenue had grown 2.2 times in FY25 over the previous year, while profitability had increased fivefold. 'Plan for FY26 is about setting even bigger goals: 2x revenue growth—again, 50 more stores in the next 6 months, expanding into new categories—pluswear, bags, footwear, sunglasses and more,' Dungarwal had said in a post on LinkedIn. 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.
