Sharks Bet Big On Snitch, Infuse INR 15 Million For Just 1.5% Equity
All five sharks in Shark Tank India Season 2 are betting big on clothing brand Snitch as Anupam Mittal Founder-CEO of Shaadi.com – People Group; Aman Gupta, Co-Founder-CMO of boAt; Namita Thapar, Executive Director of Emcure Pharmaceuticals; Vineeta Singh, Co-Founder-CEO of SUGAR Cosmetics; Peyush Bansal, Founder-CEO of Lenskart.com came together to help Snitch scale up ahead the profitability across the Indian market by infusing INR 15 Million for just 1.5 per cent equity in the company.
Siddharth Dungarwal, Founder, Snitch persuaded all five sharks for his most promising business plan and growth while inveigling all five of them to make an offer at once. Peyush Bansal, one of the sharks, announced the offer of 1.5 crores for 1.5% equity.
The company clocked net revenue of 11 cr in the last month and with a cohesive team of such experienced business leaders, 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. I was very much sure that either I’m gonna take all five or none. That was something in the back of my mind, and I made it very clear from the start of the pitch itself. 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.”
While expressing his gratitude to the sharks for inspiring him to operate his company, Siddharth culminated the conversation and said, “I look forward to strengthening Snitch with this fruitful association.”
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.
The 21st century fashion station and destination for millennials-founded in 2019 - Snitch, a homegrown clothing brand is widely known for its limitless, fast-fashion, and experimental approach that captures world-class trends, and designs and produces mindful and sustainable everyday drops of the freshest styles. Catering to men’s clothing from ‘what’s trending’ to ‘slot straight into your wardrobe, it offers a wide range of everyday staples, featuring formal wear, party wear, leisure wear, and many more categories.
