Snitch, a D2C menswear fashion brand in India, is close to raising Rs 278.93 crore ($33 million) led by 360 One Asset Management Fund, with participation from existing investors SWC Global and IvyCap Ventures, per a report by Entrackr.
Established in 2019, Snitch offers trendy and affordable apparel for men–the company runs close to 60 physical stores across the country, with a presence in cities such as Mumbai, Delhi, and Gujarat, besides its headquarters Bengaluru.
It also sells its products through its own website and mobile applications.
Going forward, Snitch, which competes with the likes of The Souled Store, plans to use the proposed corpus to expand its operations— it targets to open over 100 offline stores across India by 2028, the Entrackr report added.
Notably, Snitch featured during the second season of Shark Tank India wherein it raised Rs 1.5 crore in lieu of a 1.5% equity from Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, Peyush Bansal, and Amit Jain at a Rs 100-crore valuation in 2023.
Investors are increasingly evincing interest in India’s D2C brands, fuelled by robust consumer demand, digital adoption, and the scalability these businesses offer.
In other deals in the fashion space, Rare Rabbit recently amassed funding from A91 Partners, while Wrogn raised $9 million late last year from Aditya Birla Digital Fashion.
An earlier report by Inc42 had pegged India’s D2C space as a $300-billion market opportunity by 2030 on the back of continued innovation and the emergence of new players.
