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New Delhi: Homegrown fast fashion startup, Snitch raised Rs 1.5 crore from investors at the Shark Tank India Season 2. All five investors – Shaadi.com’s Anupam Mittal, Boat’s co-founder Aman Gupta, executive director of Emcure Pharmaceuticals, Namita Thapar, SUGAR Cosmetics co-founder Vineeta Singh, Peyush Bansal from Lenskart, and Amit Jain, co-founder, and CEO of CarDekho Group invested in the startup for a total of 1.5% equity stake.
The bootstrapped company has raised money at a valuation of Rs 100 crore.
While speaking to ETRetail, the company’s founder Siddharth Dungarwal said, “…1.5 crore is not going to make a huge difference in our journey. But it will help towards branding and influencer marketing.”
“It is more about the values these five sharks bring. I was very sure that either I’m going to take all 5 or none and I made it very clear from the start of the pitch itself,” he added.
Founded in 2019, Snitch manufactures and sells fast fashion apparel for men. The company started as a B2B portal manufacturing daily menswear for retailers. However, during COVID it restructured its business model and relaunched as a D2C brand.
Founded in 2019, Snitch started as a B2B portal manufacturing daily menswear for retailers. The brand recorded a revenue of Rs 17 crore in its first year of operations, shared Dungarwal. However, as COVID hit, the company restructured its business model and relaunched as a D2C brand with only 30 to 35 products on its website.
Dungarwal shared that Snitch has witnessed tremendous growth and is projecting to close FY 2023 with an annual run rate of Rs 120 crore. Earlier, he had shared that the company expected to close FY23 at Rs 90 crore revenue. Last month Snitch clocked a net revenue of Rs 11 crore.
In terms of categories, the fashion startup entered into the plus-size category last year. Sharing future plans he said that the company will be getting deeper into the plus-size category. It is also launching a luxury collection and quirky swimwear.
When asked about the brand’s price positioning in the market, Dungarwal said, “We would always remain a mass premium brand, exactly positioned between Max and Zara.” He explained that at Snitch consumers get the quality of the likes of fashion giants Zara and H&M, with prices a little higher than Max and way below Zara and H&M.
