Snitch, a men’s fashion brand based in Bengaluru, has successfully raised Rs. 110 crore (around US $13 million) in Series A funding. This funding round, co-led by SWC Global and IvyCap Ventures with support from key angel investors, is geared towards fueling Snitch’s growth in talent, technology, and offline retail initiatives, according to a press release.
Snitch gained recognition after its appearance on Shark Tank India, securing Rs. 1.5 crore for a 1.5% equity stake from judges Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain. Established four years ago, Snitch offers a diverse range of men’s essentials, including formal, party, leisure, and athleisure wear. It also caters to plus-sized men through its Snitch Plus line, regularly introducing new collections and collaborations on its online platform.
After crossing the Rs. 100 crore mark in FY ’23, Snitch envisions a 100% growth in FY ’24. Competing with brands like UrbanClad, DaMENCH, Bombay Shirt Company, and Rare Rabbit, Snitch recently opened its first retail store in Bengaluru. While most sales come from its website, app, and offline stores, Snitch also leverages third-party marketplaces like Flipkart and Amazon. The brand has ambitious plans to establish over 100 offline stores across India by 2028.
In the competitive landscape, A91 Partners, Saama Capital, and Matrix Partners-backed DaMENCH are well-funded rivals, having raised over US $25 million. Rare Rabbit and Bombay Fashion Company secured their last equity rounds in 2021, with reports suggesting Rare Rabbit’s exploration of a new round valuing the company between US $300 million to US $320 million.
