Snitch Raises $40M to Scale Offline Stores and Expand Globally

Snitch, a rapidly growing direct-to-consumer (D2C) menswear brand based in India, has raised $40 million in a Series B funding round to boost its expansion across domestic and international markets. The funding includes both primary and secondary components and will support the company’s push into offline retail and quick commerce.

The round was led by Mumbai-headquartered 360 ONE Asset, with continued backing from existing investors SWC Global and IvyCap Ventures. New participants in this round include the Ravi Modi Family Office, founded by the promoters of the ethnic wear brand Manyavar, along with a group of angel investors.

The fresh funds will primarily support Snitch’s offline expansion, with plans to grow its retail presence from 55 to over 100 stores by the end of 2025. The company aims to establish a strong footprint in India’s top 20 cities while also venturing into South Asia and the Middle East. Additionally, it is exploring quick commerce opportunities and intends to introduce new product categories, including plus-size apparel, eyewear, footwear, and bags.

Of the ₹340 crore raised (approximately $40 million), around ₹280 crore was in the form of primary capital, while the remaining came through secondary transactions. This allowed early investors to partially exit and make space for new backers, including the Ravi Modi Family Office and a set of angel investors. 360 ONE Asset Management led the primary portion with an investment of ₹220.12 crore, followed by ₹29.40 crore each from IvyCap Ventures and SWC Global.

Founded in 2020 by Siddharth Dungarwal, Bengaluru-based Snitch began as an offline retailer before pivoting to an online platform during the COVID-19 pandemic. It now offers a wide range of men’s clothing and accessories—including shirts, co-ords, jackets, innerwear, and more—through its website, app, and physical stores. The brand has positioned itself to serve urban Gen Z consumers who favor fast fashion with a focus on design and affordability.

Snitch has experienced strong growth over the past year, with revenue rising 128% year-on-year to ₹243 crore in FY24, up from ₹106.6 crore in FY23. The company also saw its net profit climb to ₹4.4 crore during the same period, according to data from Tracxn. 

Speaking about the latest fundraise, CEO Dungarwal said the company is now entering a new phase of growth. “With 120% YoY growth, 55+ stores, and a loyal customer base, we’re building a world-class brand with India at its heart,” he said. Snitch, which gained visibility after its appearance on Shark Tank India Season 2, plans to eventually explore public markets as part of its long-term vision.

Before the latest funding, founder Siddharth Dungarwal held a 50.3% stake in the company. 

Snitch is now eyeing a revenue milestone of ₹1,000 crore in FY26, with plans to prepare for an IPO once it achieves ₹100 crore in net profit. The company reportedly posted ₹520 crore in operating revenue for FY25, with 40–45% of this coming from offline stores. Currently, it operates 51 outlets and is focused on scaling both in India and overseas.