Snitch, the direct-to-consumer (D2C) fashion brand for men, has raised INR 110 Crores ($13.19 Million) in a Series A funding round co-led by SWC Global and IvyCap Ventures.
The Bengaluru-based D2C brand will leverage the recently acquired capital to enhance its talent and technology infrastructure, while also formulating an offline retail strategy.
Following this investment, Ashish Wadhwani, the co-founder and managing partner of IvyCap, will become a member of the board at Snitch.
Established in January 2019 by Siddharth R Dungarwal, Snitch initially began as an offline retail brand. However, a year later, the advent of Covid-19 reshaped the landscape of physical retail, prompting the brand to transition towards online sales.
“During the pandemic, we were stuck with extra inventory. It was a key reason why we moved online. We initially thought of leveraging marketplaces, but we also wanted our brand to gain recognition. That’s why we decided to launch our website,” said Dungarwal.
The majority of Snitch’s sales stem from its website and app, supported by an expanding offline footprint and collaborations with prominent online marketplaces.
Tuck Lye Koh, founding partner, SWC Global said, “Our decision to invest in Snitch is rooted in our belief in their visionary approach to fast fashion.”
Snitch claims to have achieved a turnover of more than INR 100 Crores in FY23 and aims to surpass expectations with over 100% growth in FY24. The brand is also set to expand further by opening more than 100 offline stores across India in the next 4-5 years.
As per a report, the D2C market in India is projected to achieve a valuation of $100 billion by 2025. Among the various sub-segments within the industry, apparel and footwear are anticipated to represent approximately 77.6% of the online clothing market by the same year.
Within the apparel industry, the men’s apparel sector is witnessing significant growth. As outlined in a recent Market Research Future (MRFR) report, the global menswear market is projected to grow from $610.75 billion in 2023 to $988.24 billion by 2032. This represents a compound annual growth rate (CAGR) of 6.20% during the period from 2023 to 2032.
Recently, the male demographic in India has shown a growing emphasis on both quality and style, leading to a shift in purchasing preferences towards high-quality clothing. Additionally, the surge in online shopping has contributed to a notable increase in the number of online shoppers in the country.
Among the notable players in the segment are XYXX, DaMENSCH, Chromozome, BlissClub, Freecultr, Bombay Shirt Company, and others.
In February 2023, the founders showcased the brand on Shark Tank and successfully secured an all-sharks deal, raising INR 1.5 Crores from angel investors like Aman Gupta (boAt), Namita Thapar (Emcure Pharmaceuticals), Anupam Mittal (Shaadi.com), Peyush Bansal (Lenskart), and Vineeta Singh (SUGAR).
