Fashion D2C Brand Snitch Secures INR 110 Cr In Series A Funding The funding round was co-led by SWC Global and IvyCap Ventures
By S Shanthi
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Fashion D2C brand Snitch has successfully closed a Series A funding round of INR 110 crore, co-led by SWC Global and IvyCap Ventures. The investment, supported by key angel investors, will catalyze Snitch's expansion in talent, technology, and an offline retail strategy, building upon its already impressive market performance.
A majority of Snitch's sales are generated through its website and app, complemented by a growing offline presence and partnerships with major online marketplaces.
Reflecting on the investment, Tuck Lye Koh, Founding Partner, SWC Global said "Our decision to invest in Snitch is rooted in our belief in their visionary approach to fast fashion. Snitch's impressive performance, especially in a challenging economic landscape, is a testament to its innovative business model and deep understanding of consumer needs. We are excited to support Snitch as they continue to redefine the fashion retail space, and we are confident that this partnership will propel both Snitch and the broader fashion industry forward."
"Snitch Brand's unparalleled business model, a passionate founder, and a differentiated approach set them apart in their segment. We invested in this exceptional company, recognizing their ability to not just stay on top of the trends but to create them, propelling them to the forefront of their industry," added Vikram Gupta, founder and managing partner, IvyCap Ventures.
Ashish Wadhwani, Co-Founder and Managing Partner of IvyCap Ventures, will join the Snitch board on behalf of IvyCap Ventures. Snitch claims to have achieved a turnover of 100cr + in FY23. The startup is also set to expand further by opening 100+ offline stores across India in the next 4-5 years.
"This funding round, especially in a challenging funding environment, is a testament to our resilience and the strength of our business model. Our focus on delivering exceptional value through our online platforms, coupled with our burgeoning offline presence, positions us well for future growth. We're excited to continue our journey, setting new benchmarks in retail efficiency and customer satisfaction," said Siddharth Dungarwal, founder, Snitch.
