SNITCH is India’s fastest-growing fast fashion brand for men. They design apparel based on the latest trends.
They are the first in the country to launch co-ord sets for men, also called paired clothing. They manufacture products specifically for men, such as shirts, t-shirts, co-ords, denim, trousers, etc.
More About SNITCH
Siddharth is a B.Com graduate who has been passionate about clothing and fashion since the age of 14-15. He used to help his father at his jewelry shop since 2009. When a neighboring shop was vacated, he convinced his father to rent it and let him trade in clothing. Initially, Sidhharth used to sell factory leftovers in retail.
However, there was one client who wanted to sell their fabric. Siddharth had a buyer ready, so he took a loan to collect the fabric from his client. Unfortunately, he could not move the fabric to the buyer due to an unexpected audit of his client’s factory.
At that time, Siddharth got a call from a retailer in Mumbai who asked him to manufacture shirts from the same fabric. Siddharth didn’t have a production background. Therefore, he sat in a small factory for 3-4 weeks to learn the entire procedure. After that, he himself designed 200-300 pieces for the retailer.
All those shirts got sold in a weekend. Siddharth used to make INR 3 lakhs by selling fabric. But this time, he made around INR 6.5 lakhs.
This incident got him into manufacturing, and he scaled that business to around INR 50-60 crores. But at the same time, he noticed a significant gap in the market. And that’s how SNITCH was born.
Siddharth launched SNITCH in 2020, and it is a 100% ‘Made in India’ brand. Their products are available on their website, app, marketplaces, and offline retailers. Siddharth is mostly self-taught. He said sharks had been a huge source of learning for him. He is determined to make SNITCH India’s biggest fashion brand for men.
SNITCH Shark Tank Pitch and Updates
Siddharth appeared on Shark Tank India Season 2 Episode 20 and demanded INR 1.5 crore for a 0.5% equity at a valuation of 300 crores.
Siddharth was really good with his pitch. He was articulate with explanations and answered all the shark’s questions promptly. The highlights of his pitch were –
- SNITCH is dispatching 2000 orders every day.
- They get 50000 daily visitors on their website and have 5 lakh app downloads. Their average order value is INR 1700, with a conversion rate of 2.5%-2.8%.
- The month before Siddharth appeared on the Shark Tank India episode, SNITCH generated a revenue of INR 9.3 crores. Out of those 9.3 crores, 6 crores were from the company’s website, 1 crore from the marketplaces, and 2.3 crores from offline retailers.
- When asked about the profits, Siddharth calculated an EBITDA of 5%, which came to around 50 lakhs.
Another plus point of SNITCH was that Siddharth has bootstrapped the business and only has a debt of INR 4.5 crores. That, too, is from friends and family at interest rates ranging from 2%-12%.
SNITCH made a whooping INR 44 crores in the Financial Year. And they are projected to make INR 90-100 crores in revenue for FY 2022-23.
Anupam said Siddharth needs a huge capital to make the business global. He asked what Siddharth actually wanted from the sharks. Siddhart gave an intellectual reply. He said all sharks are experts in different backgrounds, and he came to get a blend of everyone.
Peyush said all sharks would step in and offered INR 1.5 crore for equity of 1.5% (0.3% for each shark) at a valuation of 100 crores. Aman emphasized that it would be the final offer from them.
|Founders||Siddharth R Dungarwal|
|Profitability||Business is profitable|
|Shark Tank Episode||Season 2 – Episode 20|
|Asked For||INR 1.5 crore for 0.5% equity|
|Deal||INR 1.5 crore for 1.5% equity|
|Valuation Given||100 crores|
SNITCH accepted the deal of INR 1.5 crore at a valuation of 100 crores.
Frequently Asked Questions About SNITCH
After their appearance on Shark Tank India Season 2, people were trying to find more information about SNITCH. Here are some of the frequently asked questions about them.
1. Who Is The Founder of SNITCH?
Siddharth R Dungarwal is the founder of SNITCH.
2. Is SNITCH profitable?
SNITCH is profitable. After all the expenses, Siddharth is getting an EBITDA of 5%.
4. What happened to SNITCH after Shark Tank?
Siddharth received the first all-five sharks deal and was really grateful for it. With the assistance of all five sharks, SNITCH’s future looks promising. Siddharth commented that he’s looking to go aggressive on the marketplaces as they’ve been a website brand so far.
He also plans to soon open 10-15 offline stores in India with new categories. Their revenue also spiked by 30% after appearing in Shark Tank. Since then, they have been doing INR 11 crores in monthly revenue.