Snitch Raises ₹279 Cr in Series B Led by 360 ONE Asset Management
In a significant development for the Indian fashion industry, menswear brand Snitch has raised ₹278.93 crore in Series B funding led by 360 ONE Asset Management, with SWC Global and IvyCap Ventures participating. This new round of funding values Snitch at ₹2,500 crore, a 5x jump from last year. With 45 stores and strong online sales, Snitch is now eyeing a revenue target of ₹1,000 crore by FY26 and is exploring an IPO within the next three years.
Founded in 2016 by Kaustubh Shukla and Rishabh Chari, Snitch has made a name for itself in the Indian menswear market with its focus on quality, comfort, and style. The brand has been growing rapidly, with its online sales increasing by 150% year-on-year and its offline presence expanding to 45 stores across 15 cities.
The latest funding round will be used by Snitch to further accelerate its growth plans, including expanding its offline presence, strengthening its e-commerce capabilities, and exploring new categories and products. The brand plans to use the funds to increase its marketing efforts, enhance its supply chain and logistics, and invest in technology to improve its customer experience.
“We are thrilled to have received the support of 360 ONE Asset Management, SWC Global, and IvyCap Ventures in our Series B funding round,” said Kaustubh Shukla, Co-Founder of Snitch. “This funding will enable us to accelerate our growth plans and further establish Snitch as a leading player in the Indian menswear market. We are committed to providing our customers with the best quality products and exceptional customer service, and we believe that this funding will help us achieve our goals.”
The investment by 360 ONE Asset Management, a leading investment firm focused on the retail and consumer goods sector, marks a significant milestone for Snitch. The firm has a strong track record of investing in Indian consumer brands and has previously backed companies such as Nykaa and Zilingo.
“Snitch has a strong brand presence in the Indian menswear market and has demonstrated significant growth potential,” said a spokesperson for 360 ONE Asset Management. “We believe that the brand has a unique value proposition and is well-positioned to continue its growth trajectory. We are excited to partner with Kaustubh and the Snitch team to support their growth plans and help them achieve their goals.”
The Series B funding round comes at a time when the Indian fashion industry is witnessing significant growth, driven by increasing consumer spending on fashion and lifestyle products. The Indian menswear market is expected to grow at a compound annual growth rate (CAGR) of 10% between 2022 and 2025, driven by increasing demand for quality and branded products.
Snitch’s growth plans are in line with the Indian menswear market’s growth potential, and the brand is well-positioned to capitalize on the trend. With its strong brand presence, expanding offline presence, and growing online sales, Snitch is poised to become a leading player in the Indian menswear market.
In conclusion, Snitch’s Series B funding round is a significant development for the Indian fashion industry, and we expect the brand to continue its growth trajectory in the coming years. With its strong brand presence, expanding offline presence, and growing online sales, Snitch is well-positioned to become a leading player in the Indian menswear market.
Source: https://ascendants.in/funding-feed/snitch-raises-279cr-seriesb-funding/
