Bengaluru’s D2C men’s fashion brand, Snitch, has secured Rs. 110 crore (approximately US $ 13 million) in Series A funding co-led by SWC Global and IvyCap Ventures, supported by key angel investors. This investment aims to propel Snitch’s expansion in talent, technology, and offline retail initiatives, as stated in a press release. Snitch gained prominence after appearing on Shark Tank India, securing Rs 1.5 crore for a 1.5 per cent equity stake from show judges, Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain.
Established four years ago, Snitch offers a wide range of everyday men’s essentials encompassing formal, party, leisure, and athleisure wear. It also presents Snitch Plus, catering to plus-sized men, regularly introducing new collections and collaborations through its online platform.
Having surpassed the Rs. 100 crore mark in FY ’23, Snitch anticipates a 100 per cent growth in FY ’24. Competing with brands like UrbanClad, DaMENCH, Bombay Shirt Company, and Rare Rabbit, Snitch recently inaugurated its first retail store in Bengaluru. Most of its sales are driven through its website, app, offline stores, and third-party marketplaces like Flipkart and Amazon. Snitch aims to establish over 100 offline stores across India by 2028.
A91 Partners, Saama Capital, and Matrix Partners-backed DaMENCH stand as well-funded competitors in this domain, having raised over US $ 25 million. Rare Rabbit and Bombay Fashion Company secured their last equity rounds in 2021, with reports indicating Rare Rabbit’s pursuit of a new round valuing the company at US $ 300-US $ 320 million.
