Category: Fashion & Apparel
Fashion & Apparel
Men’s Fashion: Co-ord
Season 2 Products
| Brand | Snitch |
| Company Name | SNITCH APPARELS PRIVATE LIMITED |
| Founders | Siddharth Dungarwal |
| Original Ask | 1.5 crores for 0.5% equity at a valuation of 300 crores |
| Deal | 1.5 crores at 1.5% equity at 100 crore |
Snitch is Men’s Online Clothing Brand in India. Encapsulating inspirations from around the globe, SNITCH crafts clothing for the fashion-forward modern man.
They claim to provide first India’s first co-ord clothing for men.
Founders and their story
Siddharth is a BCom graduate aged 35 years. He got first business experience by offering help to his father in his jewellery shop from 2009 onwards. He ventured into business independently by tying up with factory outlets and selling their apparel to retail. He accidentally got pulled into garment manufacturing when he was left with a lot of clothing material which he as not able to sell. He Used this fabric to make shirts and got a profit of 6.5 lakh. It is then he realised that there is more opportunity in manufacturing clothing. He took that business to a revenue of 50-60 crores annual avenues.
*About the company*
Snitch is India’s fastest growing men’s fashion brand. They are a mass premium brand position between Max and H&M. They started the website in 2020 and became 1st website to offer men’s “co-ord’ set. They have 50,000 visitors on the website and 5 lakh downloads of the app. Conversion rate is between 2.5 to 2.8%. Average order value is 1700 rupees. The first make limited quantity of an item in based on the traction, scale up the production. They Claim that differentiation lies in creating the design to production in 25 days.
*Revenue*
They did Monthly sale of 9 crore rupees of which 6 crores were from their own website. Their EBIDTA is between 4.5-5%. They did a revenue of 44 crores in last year and target 90-100 crores in this year.
*More about the Company*
The company is completely bootstraped bootstrap and has taken 4.5 crores loan from friends and family at interest rate of 2 to 12%
*Founder’s ask*
1.5 crores for 0.5% equity at a valuation of 300 crores.
*Offers*
All sharks offered a combined offer of 1.5 crores at 1.5% equity at 100 crore valuation.
*Final deal*
Deal was taken at the offered valuation.
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