 "Snitch")
Snitch, a direct-to-consumer fashion brand, has closed a Series A funding round of Rs 110 crore co-led by SWC Global and IvyCap Ventures. The firm said this funding round stands out, especially at a time when many late-stage D2C brands struggle to secure capital. The investment, supported by key angel investors, will catalyse Snitch's expansion in talent, technology, and an offline retail strategy, building upon its already impressive market performance.
"This funding round, especially in a challenging funding environment, is a testament to our resilience and the strength of our business model,” said Siddharth Dungarwal, Founder of Snitch.
Along with a significant digital presence marked by over 2 million app downloads, Snitch has served a vast array of pin codes across India. A majority of Snitch's sales are generated through its website and app. This is complemented by a growing offline presence and partnerships with major online marketplaces.
"Snitch's impressive performance, especially in a challenging economic landscape, is a testament to its innovative business model and deep understanding of consumer needs,” said Tuck Lye Koh, Founding Partner, SWC Global.
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, stated that Snitch Brand's business model, passionate founder, and differentiated approach set them apart in their segment.
Snitch achieved a turnover of over Rs 100 crore in financial year 23, exceeding expectations of more than 100 per cent growth in financial year 24. Snitch is also set to expand further by opening over 100 offline stores across India in the next four to five years. This growth reflects Snitch's commitment to continuous expansion and market presence.
Ashish Wadhwani, Co-Founder and Managing Partner of IvyCap Ventures, will join the Snitch board on behalf of IvyCap Ventures.
