Direct-to-consumer fashion brand Snitch is raising about INR 278.93 crore (around $33 million) in a new funding round. The main investor will be 360 Asset Management Fund, with support from current investors IvyCap Ventures and SWC Global.
According to Snitch’s official filing reviewed by media report, the company’s board approved a special decision on May 27.
They agreed to issue 1,755 Series B shares, each with a base price of INR 10 and an extra premium of INR 15.89 lakh, as part of a special share offer.
360 Asset Management Fund will invest INR 220.12 crore, while IvyCap Ventures and SWC Global will each invest INR 29.40 crore.
Snitch founder and CEO Siddharth Dungarwal told Inc42 that this funding is just part of a bigger funding round, but he didn’t share more details.
This news comes as Bengaluru-based Snitch plans to offer more products, open more physical stores, and grow in international markets.
Last month, in a talk with Inc42, Dungarwal said that Snitch plans to add new product categories like plus-size clothing, bags, shoes, and sunglasses this financial year. He also shared that the company plans to open 50 new stores in the next five months.
Besides working to grow in the Indian clothing market, the startup also plans to try out its business in the Middle East.
Founded in 2019 by Dungarwal, Snitch began as an offline fashion and clothing brand. However, during the Covid-19 pandemic, the company had to shift its business online. Today, it sells a variety of products like shirts, jackets, hoodies, matching sets, sweaters, and innerwear through its website, physical stores, and online shopping platforms.
So far, the startup has raised a total of $13.4 million. Its last funding was INR 110 crore, which was led by SWC Global and IvyCap Ventures in 2023.
Snitch’s sales grew a lot, going up by 127.89% to INR 243 crore in the financial year 2023-24, compared to INR 106.6 crore the year before.
Because of this strong growth, the company’s profit also increased by 1.3 times, reaching INR 4.4 crore in 2023-24, up from INR 3.1 crore in the previous year.
According to Snitch’s unaudited financial numbers, the company made INR 520 crore in sales in the financial year 2025, said Dungarwal. He also told Inc42 that 40-45% of the company’s revenue comes from its offline stores. Right now, Snitch has 51 stores in total.
The startup, supported by IvyCap Ventures, aims to reach sales of INR 1,000 crore in the financial year 2026. It plans to get ready for its first public stock sale (IPO) once it earns a profit of INR 100 crore.
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