Omnichannel menswear fashion brand Snitch has raised Rs 278 crore in a round led by 360 One Asset (formerly IIFL Wealth & Asset Management).
The round also saw existing investors SWC Global, a Singapore-based venture capital firm, and IvyCap Ventures, an early-stage venture capital firm, participate.
The company’s board has passed a resolution to issue 1,755 compulsorily convertible preference shares at a premium of Rs 15,89,385 each to raise Rs 278.93 crore, as per filings sourced from business intelligence platform Tofler.
360 One Asset has invested Rs 220 crore, while SWC Global and IvyCap Ventures have invested Rs 29 crore each.
Founded in 2018, Snitch operates in the fast fashion segment, where large companies such as H&M and Zudio also operate. Snitch, which sells a range of menswear, including shirts, T-shirts, jeans, jackets, sweaters, hoodies and accessories, currently operates around 59 physical stores across India.
Earlier, Snitch founder Siddharth Dungarwal had told ET that the company expects offline sales to contribute around one-third of its projected revenue of over Rs 600 crore for the financial year that ended in March 2025.
In FY24, the brand had reported revenue of Rs 243 crore, as per Tracxn. It is yet to file financial statements for 2024-25 with the Registrar of Companies.
In April, Dungarwal revealed that the brand’s revenue had grown 2.2 times in FY25 over the previous year, while profitability had increased fivefold.
“Plan for FY26 is about setting even bigger goals: 2x revenue growth—again, 50 more stores in the next 6 months, expanding into new categories—pluswear, bags, footwear, sunglasses and more,” Dungarwal had said in a post on LinkedIn.
The Bengaluru-based company last raised funding in December 2023, when it got an infusion of Rs 110 crore in a round led by SWC Global and IvyCap Ventures.
