The archive · Consumer Apps · Product decision · 2019–2026
Snitch's men's fast-fashion bet: ₹900 Cr FY26 revenue, 115 stores, quick commerce
A garment manufacturer's COVID-era D2C pivot — weekly trend drops for Gen Z men — reached ₹900 Cr revenue, 115 stores and a ₹2,500 Cr valuation.
Snitch
What the business is
Snitch is a Bengaluru direct-to-consumer men's fashion brand — shirts, jackets, hoodies, co-ords, sweaters and innerwear — sold through its website, e-commerce marketplaces, 115 own-and-franchise stores and a 60-minute quick-commerce service, run on weekly trend drops and in-house manufacturing.
Starting capital：Started from the profits of Dungarwal's garment manufacturing and buying house; first outside capital was the ₹1.5 Cr all-shark deal on Shark Tank India (2023), followed by a ₹110 Cr Series A (December 2023) and a ₹340 Cr (~$40M) Series B led by 360 ONE Asset in June 2025, taking total funding to about $53M.
How it started
Siddharth Dungarwal started in a small Bengaluru clothing shop as a teenager and built a garment business after a ₹25 lakh buyer default pushed him into manufacturing. Between 2012 and 2019 his buying house designed and manufactured for brands including Arvind Fashions, Madura Fashion & Lifestyle and V-Mart, and watching Zara and H&M win with rapid design-to-shelf cycles convinced him Indian men's fashion was underserved on speed and price. He launched Snitch as a B2B label in late 2019, but when COVID-19 froze wholesale demand he pivoted to direct-to-consumer in July 2020 — 35 SKUs, a four-person team and about 60 orders a day.
What happened
The D2C bet compounded fast: monthly recurring revenue reached ₹2 Cr within months, FY21 net sales hit ₹11 Cr, and a rented first store became profitable within months of opening in 2023. Snitch appeared on Shark Tank India Season 2, where all five sharks jointly invested ₹1.5 Cr at a ₹100 Cr valuation — a deal Moneycontrol later called the show's biggest success story. Series A of ₹110 Cr closed in December 2023; by April 2025 it ran 51 stores, and in June 2025 it raised ₹340 Cr (~$40M) from 360 ONE Asset, SWC Global, IvyCap Ventures and the Ravi Modi family office at about a ₹2,500 Cr valuation. Financially the brand grew from ₹243 Cr revenue and ₹4.4 Cr profit in FY24 to ₹498 Cr operating revenue in FY25 (a ₹1.7 Cr net loss while scaling) and ₹900 Cr in FY26 with EBITDA around 2–3% of revenue.
How it ended up
Still private and scaling: as of April 2026 Snitch ran 115 stores across India, generated about 60% of revenue online, and had taken its 60-minute Snitch Quick delivery from an October 2025 Bengaluru pilot to Delhi, Gurugram and Ahmedabad, where quick commerce already contributed about 10% of online revenue. The founder's stated targets were about ₹1,400 Cr revenue in FY27, further category expansion into perfumes, footwear and accessories, and a public listing ambition around FY30.
Background
Snitch's bet was that Indian men would buy fast fashion the way they buy sneakers — trend-led, frequently refreshed and priced for Gen Z — from a homegrown brand rather than Zara or H&M. Founder Siddharth Dungarwal spent a decade in garment manufacturing and buying houses supplying Arvind Fashions, Madura and V-Mart before launching Snitch as a B2B label in late 2019. When COVID-19 froze wholesale demand, the factory that was his liability became his edge: in July 2020 he relaunched the brand direct-to-consumer with 35 SKUs, a four-person team and in-house production.
The model was speed with low inventory risk. Instead of planning seasonal collections 12–18 months ahead, Snitch tested trend-driven drops in small lots, let retailers order as few as 25 pieces, and used its website to read demand daily. Monthly recurring revenue hit ₹2 Cr within months; by FY21 net sales were ₹11 Cr. The brand gained national attention on Shark Tank India Season 2, where all five sharks jointly invested ₹1.5 Cr at a ₹100 Cr valuation, and a first rented store in 2023 turned profitable within months — proof the playbook worked offline too.
Capital followed the growth: a ₹110 Cr Series A in December 2023, 51 stores by April 2025, and a ₹340 Cr (~$40M) Series B led by 360 ONE Asset in June 2025 at roughly a ₹2,500 Cr valuation — about 25x the Shark Tank price. Revenue climbed from ₹243 Cr with ₹4.4 Cr profit in FY24 to ₹498 Cr operating revenue in FY25, then ₹900 Cr in FY26 with EBITDA near 2–3% of revenue and 115 stores across India, about 60% of sales still online.
In October 2025 Snitch pushed the same speed logic into quick commerce, piloting 60-minute apparel delivery in Bengaluru from stores acting as hyperlocal hubs; by April 2026 Snitch Quick ran in four cities and contributed about 10% of online revenue. The company was targeting roughly ₹1,400 Cr of revenue in FY27, expanding beyond apparel into perfumes, footwear and accessories, and planning a public listing ambition around FY30 — with total outside funding of about $53M.
What has to be true
- Snitch tests whether a homegrown brand can out-Zara Zara on speed: vertical manufacturing plus frequent drops compressed design-to-shelf from seasons to days, with inventory risk held in small lots.
- The COVID pivot was decisive: when wholesale vanished, his factory and buying-house ties let Dungarwal go direct-to-consumer in weeks with 35 SKUs — a move brands without production could not copy.
- Store expansion proved the brand was not digital-only: a first rented store was profitable within months, and stores grew to about 40% of revenue across a 115-store network.
- The valuation arc — ₹100 Cr at Shark Tank to ₹2,500 Cr in June 2025 — shows investors paid for demonstrated economics (FY24 profit at ₹243 Cr), and FY26's ₹900 Cr kept that credible.
What can be applied
Owning the factory turns channel shifts into advantages: wholesale death made D2C work, maturity made stores work, and stores made quick commerce work.
Aftermath
As of September 4, 2026, Snitch remained private and scaling: FY26 operating revenue of ₹900 Cr (up about 80% from ₹498 Cr in FY25) with unaudited EBITDA of roughly ₹18–27 Cr, 115 stores and about 60% of revenue online. Its 60-minute quick-commerce service, launched in Bengaluru in October 2025, ran in four cities and contributed about 10% of online revenue. The founder was not actively raising capital — total funding near $53M — and guided toward about ₹1,400 Cr of revenue in FY27, a wider lifestyle portfolio and a listing ambition around FY30.
Sources
- D2C menswear brand Snitch bags $40m in funding led by 360 ONE Asset
- Snitch secures Rs 340 crore from 360 One Asset, Manyavar's Ravi Modi, others
- How Snitch Stitched An INR 500 Cr Revenue Run In 5 Years
- D2C Brand Snitch's FY26 Revenue Surges 80% To ₹900 Cr
- Snitch Launches 60-Minute Apparel Delivery Pilot in Bengaluru
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