The company is also planning a foray into new categories of accessories, fragrances, and innerwear
New Delhi: Bengaluru-based fashion brand Snitch grew over 150% in the financial year (FY) 2023-2024 as compared to the previous year, its top executive said in a social media post.
“FY2023-24 was stunning and full of adrenaline for us at Snitch,” said Siddharth Dungarwal, founder, Snitch in a LinkedIn post. “We grew by over 150% compared to last year and also started our offline journey and have had four stores running at some insane trading density and at least 18-20 stores in the pipeline this financial year.”
In FY 2023-24, Snitch shipped over 3.5 million pieces across various channels and remains profitable while growing over 2.25 times from last year in net sales, as per the LinkedIn post.
“We closed the month of March 2024 at our highest ever gross merchandise value (GMV) of over Rs 45 crore, annual recurring revenue (ARR) of over Rs 540 crore and all of this being bootstrapped until December 2023,” added Dungarwal.
With plans to expand its product offerings to include accessories, fragrances, and innerwear, Snitch aims to offer complete wardrobe solutions for men, its founder said in an interview with IndiaRetailing.
IndiaRetailing was the first to report on the expansion plans of the emerging brand at every stage, starting from its plans to enter the city of Gujarat to expanding its presence to 30-40 stores across the country, over the next couple of years.
The company is eyeing rapid offline expansion and in the last couple of months has been shoring up its top management by appointing Varun Muralidharan, former retail manager at Bestseller India, to lead retail operations and projects and Mayur Ashtekar from Rare Rabbit as lead for business development and offline expansion.
It has maintained a 30%-35% increase in average quarter-on-quarter (Q-o-Q) revenue in the last two years. The company sees a 35-40% Q-o-Q increase in further sales and revenue as the company continues to expand its physical retail footprint.
Started in the year 2020 as a D2C brand, Snitch made headlines by appearing on Shark Tank India Season 2 and being the only brand to secure an all-Shark Deal. Snitch has also raised Rs 110 crore in a Series A funding round from Singapore-based venture capital firm SWC Global and Indian venture firm IvyCap Ventures in December 2023.
