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Snitch Secures Rs. 110 Crore in Series A Funding Co-led by SWC Global, IvyCap Ventures

Snitch will use the capital infusion for expansion, technology, and an offline retail strategy

Snitch Secures Rs. 110 Crore in Series A Funding Co-led by SWC Global, IvyCap Ventures
Siddharth Dungarwal, founder of Snitch

Outlook Start-Up Desk

POSTED ON December 14, 2023 12:06 PM

D2C fashion brand Snitch raised a Series A funding round of Rs. 110 crore co-led by SWC Global and IvyCap Ventures. The company said the capital infusion supported by key angel investors, will catalyze its expansion in talent, technology, and an offline retail strategy. 

After its online presence, marked by over 2 million app downloads, the start-up opened its first physical store in Bangalore. Snitch said that it has received a very good response in its offline segment.  

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, the company added. 

Reflecting on the investment, Tuck Lye Koh, founding partner of 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." 

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. 

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." 

The company claimed that it has achieved a turnover of 100cr + in FY23, exceeding expectations of more than 100 per cent 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.  

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