The company plans to use the fund in hiring top talents, enhancing its technology infrastructure and expanding retail footprint
New Delhi: Fashion D2C brand Snitch has raised Rs 110 crore in a funding round led by SWC Global and IvyCap Ventures, the company said on Wednesday.
Snitch said it has 2 million app downloads through which it sells products to consumers.
Snitch Founder Siddharth Dungarwal said the company plans to use the fund in hiring top talents, enhancing its technology infrastructure and expanding retail footprint.
“In this exciting new chapter at Snitch, the recent infusion of funds marks a pivotal step in our journey of innovation and expansion. We are deeply committed to leveraging this investment to significantly enhance our capabilities across key areas,” he said.
Snitch said the majority of its sale comes from app and websites complemented by a growing offline presence and partnerships with major online marketplaces.
“We plan to invest substantially in advancing our technological infrastructure, aiming to provide an even more seamless and engaging shopping experience for our customers. Another critical aspect of our strategy is the expansion of our offline retail footprint. Building upon our strong market performance, we aim to bring the unique Snitch experience to more locations,” Dungarwal said.
Snitch, which achieved a turnover of over Rs 100 crore in FY23, is planning to expand further by opening over 100 offline stores across the country in the next 4-5 years, according to the statement.
SWC Global Founding Partner Tuck Lye Koh said the firm’s decision to invest in Snitch is rooted in their visionary approach to fast fashion.
“We are excited to support Snitch as they continue to redefine the fashion retail space, and we are confident that this partnership will propel Snitch and the broader fashion industry forward,” Koh said.
IvyCap Ventures Founder and Managing Partner Vikram Gupta said Snitch’s business model, a passionate founder, and a differentiated approach set them apart in their segment.
IvyCap Ventures Co-Founder and Managing Partner Ashish Wadhwani will join the Snitch board on behalf of IvyCap Ventures.
