During Shark Tank India Season 2, the men's fashion company Snitch reported that it had raised Rs 15 million from investors. The founder of Snitch, Siddharth Dungarwal, convinced all five sharks to invest in his most promising business concept and growth while coercing them to submit offers simultaneously. One of the sharks, Peyush Bansal, offered his offer of 1.5 crores for 1.5 per cent equity, or 3 per cent each investor.
The company clocked net revenue of Rs 11 crore in the last month and the brand is expected to expand its growth horizon. Siddharth accepted the counter-deal by the sharks in an effort to improve the benchmark for men’s fashion in the country. He plans to capitalise on the funding with cohesive branding with the aim of increasing the brand’s share of voice and parallelly reaching out to its wider audiences and geographies across the lengths and breadths of India.
Expressing views on his experience at Shark Tank India S2, Siddharth Dungarwal, Founder and CEO, Snitch, stated, “It was incredible to be on one of the best and top-rated entrepreneurial shows, and it was highly insightful to meet business leaders like sharks there. It was more towards the value these sharks would get rather than chasing valuation. Each one of them has different expertise and holds some amazing industrial experience. We will together set up new benchmarks in the industry with this collaboration.”
Offering a comprehensive selection of everyday style essentials, including formal dress, party wear, leisure wear, and many more categories, the brand caters to men’s apparel from what’s trending to fit directly into their wardrobe.