Snitch D2C Fashion Brand Sees Massive Growth with 127% Revenue Surge and 1.3X Profit Boost in FY24
Snitch, the fast-growing Direct-to-Consumer (D2C) fashion brand, has had a stellar financial year, reporting impressive growth across key metrics. The company’s net profit saw a remarkable jump of 1.3X, rising to INR 4.4 Cr in FY24 from INR 3.1 Cr in the previous financial year. This surge in profitability comes on the back of an extraordinary 127.89% increase in its operating revenue, which skyrocketed from INR 106.6 Cr in FY23 to INR 243 Cr in FY24.
Founded in 2019 by Dungarwal and Chetan Siyal, Snitch initially ventured into the market as an offline retail brand, aiming to cater to fashion-conscious individuals with a range of trendy and affordable menswear. However, as the pandemic forced physical stores to close, Snitch made a critical pivot to e-commerce, recognizing the growing demand for online shopping. This strategic shift has undoubtedly played a significant role in the brand’s impressive performance, as the company tapped into the rapidly expanding digital consumer base.
Snitch offers a diverse range of men’s apparel, including shirts, jackets, hoodies, co-ords, sweaters, innerwear, and more, all designed with a focus on modern, stylish, and comfortable fashion. The brand has carved a niche for itself in the competitive D2C fashion market, providing products that cater to various preferences and occasions while maintaining high-quality standards.
One of the most significant milestones for Snitch in 2023 was its appearance on Shark Tank India, where it managed to secure an all-shark deal worth INR 1.5 Cr. The deal was struck with five prominent investors: Aman Gupta (boAt), Namita Thapar (Emcure Pharmaceuticals), Anupam Mittal (People Group), Peyush Bansal (Lenskart), and Vineeta Singh (SUGAR Cosmetics). This not only gave Snitch a major boost in terms of financial backing but also provided invaluable mentorship from some of India’s top entrepreneurs. The collaboration with these investors is expected to accelerate Snitch’s growth trajectory even further, helping it scale operations and expand its presence in the highly competitive online fashion space.
The rapid growth of Snitch is reflective of broader trends in the D2C fashion segment, which has witnessed a boom in recent years as more consumers shift to online shopping. The brand’s ability to capitalize on this trend and deliver stylish, quality apparel has resonated well with its target audience, resulting in strong brand loyalty and repeat customers. The brand has also capitalized on social media platforms and influencer collaborations to increase visibility and drive customer engagement, further amplifying its reach in the digital space.
Looking ahead, Snitch is well-positioned to continue its upward trajectory, with plans to expand its product offerings, improve its technological infrastructure, and enhance its marketing efforts. As the brand scales, it will likely tap into new customer segments and explore opportunities for geographical expansion, both within India and potentially internationally.
Snitch’s success story is a testament to the power of adaptability, innovation, and strategic investments in a rapidly evolving market. As the company continues to grow, it will be interesting to see how it navigates the competitive landscape and maintains its momentum in the years to come.
In conclusion, Snitch has proven itself to be a resilient and agile player in the D2C fashion market, showcasing the potential for startups to thrive in a challenging and dynamic business environment. With strong financial growth, a compelling product portfolio, and the backing of influential investors, Snitch is undoubtedly a brand to watch in the coming years.
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