What Happened to Snitch After Shark Tank India?
Siddharth R Dungarwal always felt something was missing in the men’s fashion industry. Women have tons of clothing to choose from. They can be styled in a lot of ways. But men don’t have that luxury.
Who is the Founder of Snitch?
To solve this problem and provide more stylish options for men, Siddharth founded Snitch in 2020. It’s a men’s fashion brand. It’s growing really fast. They complete 2000 orders every single day.
How much money did he raise for Snitch?
Snitch is a 100% bootstrapped company. To date, he hasn’t raised any money for the business.
Siddharth is from Bangalore. He’s 35 years old. He completed his B.Com. His father was in the jewelry business. But he didn’t want to work in jewelry. He had a passion for fashion. That’s why he pursued this path.
Siddharth wants his brand to reach every part of India. And in the future, he wants to take this brand global.
How much money did he ask for Snitch?
He came to Shark Tank India seeking ₹1.5 Crores for 0.5% equity in the company. Which gives the company a valuation of ₹300 Crores.
They have their own brand website on which they sell different types of shirts, t-shirts, denim pants, and other clothing.
Snitch website gets 50,000 active users each day. The application has been downloaded more than 5 Lakh times. The conversion rate is 2.5% ~ 2.8%. The average order value is ₹1700.
Siddharth has worked on the tech part a lot to reduce the dead stock problem. The brand Snitch is based on fast fashion. So, they are making a lot of clothing.
But in the beginning, they didn’t do any sort of mass production. First, they make a small batch of 50 ~ 100 pieces. Then they wait for 2 ~ 3 days to see the traction of that particular clothing on the website. If the traction is good then they send that for mass production.
In the last month, they made sales of ₹9.3 Crores. From that ₹6 Crores was from the brand website. ₹1 Crore was from the marketplace. ₹2.3 Crores was from offline retailers.
Unit Economics of Snitch
| COGS | 52% |
| Marketing | 24% |
| Shipping Cost | 10% |
| Operating Cost | 9% |
| EBITDA | 5% |
Unit Economics
So, basically, Siddharth is making ₹50 Lakhs profit per month from ₹9.3 Crores sale.
What are the Annual Sales of Snitch?
| Fiscal Year | Annual Sales |
| 2021 – 2022 | ₹44 Crores |
| 2022 – 2023 | ₹100 Crores |
Making a bootstrapped company from scratch is not an easy job. It takes a lot of time and hard work to reach that level. Siddharth learned those skills all by himself. He didn’t depend on anybody. The sharks were really inspired by his story.
Which shark gave Snitch an offer?
| Offer 1 |
| Peyush Bansal, Aman Gupta, Anupam Mittal, Vineeta Singh & Namita Thapar – ₹1.5 Crore for 1.5% |
The sharks offered him ₹1.5 Crore for 1.5% equity in the company. Which gives the company a valuation of ₹100 Crores. Each shark will get 0.3% equity in the company.
| Company Name | Snitch |
| Founder | Siddharth R Dungarwal |
| Asked Amount | ₹1.5 Crore for 0.5% |
| Final Deal | ₹1.5 Crore for 1.5% |
| Sharks | Peyush Bansal, Aman Gupta, Anupam Mittal, Vineeta Singh & Namita Thapar |
| Company Net Worth | ₹100 Crores |
| Company Website | www.snitch.co.in |
| Company Status | In Business |
What deal did Snitch get in Shark Tank India?
Siddharth agreed and it was an all-shark deal.
