Men’s focused fashion brand Snitch has raised Rs 1.5 crore in funding in the Shark Tank India Season 2. 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 Rs 1.5 crore for 1.5 per cent equity, or 0.3 per cent each investor.
Snitch claims that it clocked net revenue of Rs 9 crore in December 2022, and the brand is expected to expand its growth horizon.
The startup 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 of Snitch, said, “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.”
Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.