Snitch raises Rs 1.5 Cr from Shark Tank investors
Fast fashion brand Snitch has raised Rs 1.5 crore from Shaadi.com’s Anupam Mittal; Aman Gupta, Co-founder of boAT Lifestyle, Emcure Pharmaceuticals’ Namita Thapar, Peyush Bansal from Lenskart, Sugar Cosmetics’ Vineeta Singh, and Amit Jain from CarDekho.
Started in 2020 by Siddharth Dungarwal, Snitch is a clothing brand, which predominantly sells its products digitally. The brand sells party and leisure wear, and formal dresses, among other categories. The company said it will use the funding to scale the brand across India.
Siddharth Dungarwal started his business as a B2B company and built it solely on the basis of his love for fashion and desire to succeed in the market. His team eventually converted to the online mode as the COVID pandemic threatened his area of business.
When asked about his background, he said, “I am just a B.com graduate. I have not done any IIT or IIMs. I am just a hustler and clothing has been my passion from the age of 14-15. I used to help my dad in his jewellery shop, but I wasn’t interested in that business. Next to my father’s shop, there was another shop vacant and I convinced my dad to buy that shop and let me start my own business. I did have many ups and downs while figuring out I started my own brand and here I am.”
The founder was seen quite emotional when he spoke about his father and how he has been his support system all these years. Siddharth calls Aman Gupta his inspiration and said, “Aapne wohi kiya jo main foreign brands ke saath karne wala hu (You did what I am going to do with foreign brands).”
The sharks were seemingly impressed by his dedication and all five made an offer together. The offer was announced by Peyush Bansal. He said, “The five of us would like to offer you Rs 1.5 Cr for 1.5% equity.” Siddharth agreed to the deal, and with this, his bootstrapped company now has five strong investors to take his profits even further.
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