Snitch, a Bengaluru-based fast fashion D2C startup targeting Gen Z, raised Rs 340 crore led by 360 One Asset and Manyavar’s founder Ravi Modi, boosting valuation to Rs 2,500 crore.
Snitch, a Bengaluru-based fast fashion direct-to-consumer (D2C) startup targeting the Gen Z market, secured Rs 340 crore (approximately $40 million) in a mixed primary and secondary funding round. The round was led by 360 One Asset and Ravi Modi, founder of Vedant Fashions, which operates the popular ethnic wear brand Manyavar. Existing investors SWC and IvyCap Ventures also participated in the funding.
Snitch, known for its fast fashion model where trendy designs take priority over quality, has rapidly gained attention as it aims to compete with established brands like Zara, H&M, and Tata’s Zudio. The company has carved a niche catering to the Gen Z demographic, which prefers frequently updated fashion styles.
The fresh capital will be used to fuel Snitch’s expansion plans and grow its retail footprint. Of the Rs 340 crore raised, around Rs 280 crore was raised via primary capital infusion while the remaining Rs 60 crore came from secondary share sales, allowing early investors to partially exit.
Snitch gained widespread visibility after appearing on the Indian edition of Shark Tank. The company reported Rs 243 crore in revenue and a profit of Rs 4.4 crore in the fiscal year 2024, according to private market data provider Tracxn. Snitch’s valuation jumped significantly from about Rs 500 crore in December 2023 to Rs 2,500 crore following the latest funding.
Founder Siddharth Dungarwal held 50.3 percent equity before the round, with IvyCap and SWC each holding around 10 percent, according to Tracxn.
