Snitch Raises Over Rs 340 Crore In Bid To Almost Double Store Count
The round was spearheaded by 360 ONE Asset to ramp up offline scale-up, quick commerce, and overseas ambitions.
Snitch, a direct to consumer menswear brand, has raised up to $40 million or over Rs 340 crore in a series B fundraising round. The round was spearheaded by 360 ONE Asset to ramp up offline scale-up, quick commerce, and overseas ambitions.
Other investors who participated in the round included IvyCap Ventures and SWC Global, along with Ravi Modi Family Office (founders of Manyavar) and some angel investors.
The firm plans to utilise the funds to increase the number of retail stores from over 55 to more than 100 stores by the end of 2025, step into the quick commerce arena, diversify its collection, and capture international markets, it said in a press release.
Snitch began as a homegrown brand in Bengaluru, founded by Siddharth Dungarwal in 2020. The company 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".
“Built on belief, speed and an obsession with our customer, 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...As we gear up for global expansion and soon enter the public markets, this marks a bold step towards creating one of India’s most iconic fashion stories," said Dungarwal, who is also the chief executive officer.
Chetan Naik, senior fund manager and strategy head, technology at 360 ONE Asset, said, "Snitch has demonstrated the rare ability to deliver high growth while maintaining strong unit economics and exceptional capital efficiency."
360 ONE Asset has an overall alternates and public markets assets under management of almost $10 billion.
