Direct-to-consumer (D2C) fashion brand Snitch has raised ₹110 crore in a Series A funding round co-led by SWC Global and IvyCap Ventures.
The Bengaluru-based brand plans to use the fresh capital to scale up its talent and technology, as well as to build an offline retail strategy.
With this investment, IvyCap’s cofounder and managing partner Ashish Wadhwani will join the Snitch board.
“Snitch Brand’s unparalleled business model, passionate founder and differentiated approach set them apart in their segment. We invested in this exceptional company, recognising their ability to not just stay on top of the trends but to create them, propelling them to the forefront of their industry,” said Vikram Gupta, Founder and Managing Partner of IvyCap Ventures.
Founded in 2019 by Siddharth R Dungarwal, Snitch has generated sales through its website and app, complemented by a growing offline presence and partnerships with major online marketplaces, it said in its statement.
Expansion of stores
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 ₹100 crore in FY23 and aims to cross expectations of more than 100 per cent 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.
Siddharth Dungarwal shared, “This funding round, especially in a challenging funding environment, is a testament to our resilience and the strength of our business model. Our focus on delivering exceptional value through our online platforms, coupled with our burgeoning offline presence, positions us well for future growth. We’re excited to continue our journey, setting new benchmarks in retail efficiency and customer satisfaction.”