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Snitch 的男性快时尚赌注：26 财年营收 9 亿卢比，门店 115 家，布局即时零售
一家服装制造商在疫情期间转型 D2C——每周为 Z 世代男性推出潮流新品——实现营收 9 亿卢比、门店 115 家、估值 25 亿卢比。
Snitch
做的是什么生意
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.
启动资金：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.
起因
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.
经过
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.
结果
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.
背景
Snitch 的赌注在于：印度男性会像买运动鞋一样购买快时尚——追逐潮流、频繁更新、价格适应 Z 世代——且选择本土品牌而非 Zara 或 H&M。创始人 Siddharth Dungarwal 在创立 Snitch 之前，曾在服装制造和采购领域深耕十年，为 Arvind Fashions、Madura 和 V-Mart 供货。2019 年底，他以 B2B 品牌推出 Snitch。疫情导致批发需求冻结后，他的工厂从负担变为优势：2020 年 7 月，他以 35 个 SKU、4 人团队和自有生产重新推出 D2C 品牌。
其模式的核心是速度与低库存风险。Snitch 并非提前 12–18 个月规划季节性系列，而是小批量测试潮流款式，允许零售商最低订购 25 件，并通过官网实时掌握需求。数月内月经常性收入达 2 亿卢比；到 FY21 净销售额达 1.1 亿卢比。品牌在 Shark Tank India 第二季获得全国关注，五位鲨鱼联合投资 1500 万卢比，估值 1 亿卢比。2023 年首家租赁门店在数月内实现盈利，证明这一模式在线下同样奏效。
资本紧随增长：2023 年 12 月完成 1.1 亿卢比 A 轮融资，到 2025 年 4 月门店达 51 家；2025 年 6 月，由 360 ONE Asset 领投的 3.4 亿卢比（约 4000 万美元）B 轮融资使估值达到约 25 亿卢比——是 Shark Tank 估值的约 25 倍。营收从 FY24 的 2.43 亿卢比（利润 4400 万卢比）增至 FY25 的 4.98 亿卢比，再到 FY26 的 9 亿卢比（EBITDA 约为收入的 2–3%），门店达 115 家，约 60% 的销售额仍来自线上。
2025 年 10 月，Snitch 将同样的速度逻辑应用于即时零售，在班加罗尔试点 60 分钟服装配送，以门店作为超本地化枢纽；截至 2026 年 4 月，Snitch Quick 已覆盖四个城市，贡献约 10% 的线上收入。公司目标为 FY27 营收约 14 亿卢比，在服装之外拓展香水、鞋履和配饰，并计划在 FY30 左右上市——总外部融资约 5300 万美元。
这件事要成立，得有什么
- Snitch 检验本土品牌能否在速度上超越 Zara：垂直制造加高频上新将设计到上架从季节压缩至数天，并通过小批量控制库存风险。
- 疫情转型是关键：当批发需求消失时，他的工厂和采购关系使他能在数周内以 35 个 SKU 转向 D2C——这是没有生产能力的品牌无法复制的。
- 门店扩张证明该品牌并非纯线上：首家租赁门店在数月内实现盈利，门店网络扩展到 115 家，贡献约 40% 的收入。
- 估值轨迹——从 Shark Tank 的 1 亿卢比到 2025 年 6 月的 25 亿卢比——表明投资者认可其财务表现（FY24 营收 2.43 亿卢比且有利润），而 FY26 的 9 亿卢比进一步巩固了这一信心。
可借鉴之处
拥有工厂能将渠道变化转化为优势：批发消亡成就了 D2C，成熟后门店成为支撑，门店又为即时零售奠定了基础。
后续进展
截至 2026 年 9 月 4 日，Snitch 仍为私营且持续扩张：FY26 运营收入 9 亿卢比（较 FY25 的 4.98 亿卢比增长约 80%），未经审计的 EBITDA 约为 1.8–2.7 亿卢比，门店 115 家，约 60% 的收入来自线上。其 60 分钟即时配送服务于 2025 年 10 月在班加罗尔推出，目前已覆盖四个城市，贡献约 10% 的线上收入。创始人并未积极寻求融资——总融资额接近 5300 万美元——并预计 FY27 营收约 14 亿卢比，拓展更广泛的生活方式产品组合，并计划在 FY30 左右上市。
资料来源
- 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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