On Dec 13, the Snitch brand received Rs 110 crore in Series A funding led by SWC Global and IvyCap Ventures. The investment, backed by angel investors, will leverage Snitch's talent, technology and physical marketing strategy, Snitch said in a statement.
Snitch opened its first store in Bangalore, and the online platform strengthened its digital presence with over 2 million app downloads. Most of Snitchand's sales come from its website and app, supported by offline activities and partnerships with popular online marketplaces.
“Snitch has served a vast array of pin codes across India, underlining its wide reach and commitment to quality and innovation,” said the company in a press release.
Snitch has successfully surpassed a turnover of over 100 crores in the fiscal year 2023, surpassing the anticipated growth of more than 100% in the fiscal year 2024. Additionally, Snitch is poised for further expansion with plans to inaugurate over 100 offline stores nationwide within the next 4-5 years.
Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, said, “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."
"This round of funding, especially in a challenging financial environment, is a testament to our resilience and the strength of our business model," said Siddharth Dungarwal, founder of Snitch. “We are focused on delivering great value through our online platforms, and with our rapid offline presence, we are laying the foundation for future growth. We are excited to continue setting new standards for retail excellence and customer satisfaction,” he added.
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