New Delhi, June 2 -- Menswear fashion brand Snitch has raised $40 million (Rs 341 crore) in a Series B funding round led by 360 ONE Asset, with participation from existing investors IvyCap Ventures and SWC Global.

VCCircle reported in March that Snitch had kickstarted funding talks with growth-stage investors and mid-market private equity firms to raise up to $40 million.

The direct-to-consumer (D2C) brand plans to use the capital to expand its offline presence to over 100 stories, enter the quick commerce market, and launch new product categories, it said in a statement. A portion of the funds will also support Snitch's foray into international markets.

"This fundraise is a backing to our belief that Indian fashion can move with speed, scale and confidence, and truly compete at a global stage," said Siddharth Dungarwal, founder and CEO of Snitch. "We're stepping into a bigger league, building a world-class brand with India at its heart and agility at its core. As we gear up for global expansion and soon enter the public markets, this marks a bold step towards creating one of India's most iconic fashion stories," he added.

The development comes about one-and-a-half years after the company secured Rs 110 crore from Singapore-based venture capital firm SWC Global and Indian VC firm IvyCap Ventures in late 2023.

Launched in 2020 by Dungarwal, Snitch offers a wide range of menswear clothing through its own website and other online marketplaces. It targets Gen Z and millennial consumers. Currently, it operates 55 offline outlets in the country, as per its website.

In FY24, Snitch posted revenue from operations of Rs 241 crore and net profit of Rs 4.4 crore, as per VCCEdge. Dungarwal added that the company has achieved 120% year-on-year growth, driven by its retail expansion.

"Snitch is one of the fastest-growing profitable scaled D2C brands in India. It has built a unique playbook in Indian fashion, combining trend agility, digital-first execution, and omnichannel reach," said Chetan Naik, senior fund manager and strategy head, technology at 360 ONE Asset. "Its sharp focus on men's fashion, backed by a scalable offline model, positions it well to become a category-defining brand."

PwC India's Investment Banking team acted as the exclusive financial advisor to Snitch for this Series B round, while JSA acted as legal counsel.

Published by HT Digital Content Services with permission from VC Circle.