Snitch, the Bengaluru-based fashion brand, saw a remarkable growth of over 150% in the financial year (FY) 2023-2024 compared to the previous year, as stated by its top executive in a social media post.
In a LinkedIn post, Siddharth Dungarwal, the founder of Snitch, expressed, “FY2023-24 was a stunning and adrenaline-filled year for us at Snitch. We experienced over 150% growth compared to last year, embarked on our offline journey, and currently operate four stores with remarkable trading density. Additionally, we have plans for at least 18-20 more stores in the pipeline for this financial year.”
In FY23-24, Snitch dispatched over 3.5 million items through multiple channels and maintained profitability, with net sales increasing by more than 2.25 times compared to the previous year, as indicated in the LinkedIn post.
“We ended March 2024 with our highest-ever Gross Merchandise Value (GMV) of INR 45 crore and an Annual Recurring Revenue (ARR) of over INR 540 crore, all achieved without external funding until December 2023,” stated Dungarwal.
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Snitch plans to broaden its product range to include accessories, fragrances, and innerwear, aiming to provide comprehensive wardrobe solutions for men, as stated by its founder.
The company is targeting swift offline expansion. In recent months, it has bolstered its top management by appointing Varun Muralidharan, former retail manager at Bestseller India, to oversee retail operations and projects, and Mayur Ashtekar from Rare Rabbit as the head of business development and offline expansion.
The company has sustained a 30%-35% quarter-on-quarter (Q-o-Q) revenue growth over the past two years. With the ongoing expansion of its physical retail presence, the company anticipates a 35-40% Q-o-Q growth in sales and revenue.
Founded in 2020 as a D2C brand, Snitch gained prominence by featuring on Shark Tank India Season 2 and becoming the sole brand to clinch a deal with all the Sharks. In December 2023, Snitch also secured INR 110 crore in a Series A funding round led by Singapore-based venture capital firm SWC Global and Indian venture firm IvyCap Ventures.
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