Snitch Has Raised INR 1.5 Crores at 1.5% equity of the company. All the sharks invested in this startup. The owner asked for ₹1.5 crores for 0.5% equity at the company valuation of 300 crores.
All the sharks have given an offer of ₹1.5 crores at 1.5% equity of the company with a 100 crore company valuation.
Also Read Raasa has Raised INR 50 Lakhs for 25% equity from Shark Tank India season 2, along with the condition of having a tech co-founder, Anupam, invested in this startup.
The founder and CEO of the company are Siddharth R Dungarwal. He is 35 years old and a commerce graduate from Bangalore. Clothing has been his passion since he was 14, and he considered himself a hustler. From the year 2009, he used to help his father in his jewellery shop. Initially, he started the business by selling procured materials from factories in retail. In 2012, he started his own manufacturing business, but later he found a gap in the market and came up with the idea of Snitch.
The company started in 2020. Their brand name ‘Snitch’ was registered in 2014. Snatch comes in India’s fastest-growing fashion brand for men. They have their website and app for their brand. They are one of the first brands who launch a cohort set for men. It is a mass-premium brand, and its clothes are completely made in India. Products like shirts, t-shirts, denim, and more are available on their website and app. More than 2000 orders are done daily. The aim is to make Snitch India’s most prominent fashion brand for men and to capture the global market.
They have over 50,000 daily active users with over 5 lakhs of apps downloaded. Their conversion rate is 2.5 to 2.8%, and the average order value is 1700. According to the founder, clothes are top-notch quality and can be compared to other big brands.
Snitch Business Statistics:
Their last month’s sales were ₹9 crores, out of which their website’s revenue is ₹6 crores. From the marketplace, revenue is ₹1 crore, and from B2B offline channel, they made 2.3 crore revenue.
Out of total sales, COGS is 42%, gross margin is 48%, marketing is 28%, shipping cost is 10%, operating cost is 9%, and EBITDA is 5%, but the company has a loan of ₹4.5 crores. In 2021-2022, sales were ₹44 crores; in 2022-2023, projected sales are ₹100 crores.
Problem solved by Snitch
As we all know, Boys don’t have colourful, stylish, glamorous, and fashionable clothes like girls. Snitch is a men’s Online Clothing Brand in India. SNITCH crafts clothing for the fashion-forward modern man. Offering an unconventional style ethos as a men’s fast fashion brand, they design styles in response to the latest trends.
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