Snitch Hits Rs 2,500 Crore Valuation After Raising Rs 340 Crore, Backed by Shark Tank India

Bengaluru-based menswear brand Snitch has raised $40 million (Rs 340 crore) in a Series B funding round, bringing its valuation to over Rs 2,500 crore.

The funding round was led by 360 One Asset, with participation from IvyCap Ventures, SWC Global, the Ravi Modi Family Office—backers of Manyavar—and a group of angel investors.

This fresh capital comes over a year after Snitch’s $13 million Series A round in December 2023. The company plans to use the funds to expand its store count from 55 to 100 by the end of 2025 and explore new business formats like quick commerce and international markets.

Founded in 2020 by Siddharth Dungarwal, Snitch has grown popular among Gen Z and millennial men through its weekly product drops and trend-focused fashion collections, available via its website, app, and physical stores. The brand follows a lean manufacturing model and a fast-turnaround supply chain, releasing new designs every week while keeping inventory tight. This approach has helped Snitch grow 120% year-on-year while remaining profitable.

Dungarwal said, “Built on belief, speed and an obsession with our customer, Snitch has been a force redefining fashion making in India for the world. This fundraise is a backing to our belief that Indian fashion can move with speed, scale and confidence, and truly compete at a global stage.”

Chetan Naik, senior fund manager and strategy head at 360 One Asset, called Snitch “one of the fastest-growing profitable scaled D2C brands in India,” pointing to its capital efficiency and omnichannel strategy.

Vikram Gupta, founder and managing partner at IvyCap Ventures, added, “Our reinvestment confirms our conviction in Snitch’s capital-efficient growth.”

Tuck Lye Koh, founding partner at SWC Global, said, “Over the last 18 months, with offline expansion, Snitch has established itself as a truly omnichannel brand. We look forward to our continued partnership with Siddharth and team to grow Snitch into a leading men’s apparel brand in the country.”

Snitch first gained public attention on Shark Tank India Season 2, where it raised Rs 1.5 crore from all six sharks at a Rs 100 crore valuation. Since then, the startup has grown quickly, closing FY24 with Rs 241 crore in revenue and Rs 4.39 crore in profit.