Bangalore, 14 December 2023: In a remarkable achievement amid the current global economic climate, Snitch, a pioneering innovator in the fast fashion domain, has successfully closed a Series A funding round of Rs. 110 crore Co-led by SWC Global and IvyCap Ventures, 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 catalyze Snitch’s expansion in talent, technology, and an offline retail strategy, building upon its already impressive market performance.
Snitch, known for its agility and trend-forward approach, has consistently set high industry standards. The brand’s first store in Bangalore demonstrates its robust retail strategy and strong customer appeal. Along with a significant digital presence marked by over 2 million app downloads, Snitch has served a vast array of pin codes across India, underlining its wide reach and commitment to quality and innovation. A majority of Snitch’s sales are generated through its website and app, complemented by a growing offline presence and partnerships with major online marketplaces.
Reflecting on the investment, Tuck Lye Koh, Founding Partner, SWC Global remarked, “Our decision to invest in Snitch is rooted in our belief in their visionary approach to fast fashion. Snitch’s impressive performance, especially in a challenging economic landscape, is a testament to its innovative business model and deep understanding of consumer needs. We are excited to support Snitch as they continue to redefine the fashion retail space, and we are confident that this partnership will propel both Snitch and the broader fashion industry forward.”
Since its launch, Snitch has been a game-changer in the Indian fashion landscape, blending style with technology-driven solutions. The brand’s dedication to providing a seamless shopping experience, reflected in its high sales metrics and expansive digital reach, positions it as a leader in both the online and offline fashion retail spaces. With a commitment to excellence and innovation, Snitch is poised to redefine the standards of fast fashion in India and beyond.
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, stated, “Snitch Brand’s unparalleled business model, a passionate founder, and a differentiated approach set them apart in their segment. We invested in this exceptional company, recognizing their ability to not just stay on top of the trends but to create them, propelling them to the forefront of their industry.”
Ashish Wadhwani, Co-Founder and Managing Partner of IvyCap Ventures, will join the Snitch board on behalf of IvyCap Ventures.
Snitch proudly achieved a turnover of 100cr + in FY23, exceeding expectations of more than 100% growth in FY24. Snitch is also set to expand further by opening 100+ offline stores across India in the next 4-5 years. This growth reflects Snitch’s commitment to continuous expansion and market presence.
Siddharth Dungarwal, Founder of Snitch, 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.”