In a significant milestone for India’s direct-to-consumer (D2C) fashion landscape, the menswear brand Snitch reportedly crossed the ₹500 crore revenue mark for the financial year ending March 31, 2025 (FY25).
The Bengaluru-based company achieved a massive 2.1x scale-up from its ₹241 crore revenue in FY24. However, the aggressive push for offline expansion and quick commerce resulted in the company finishing the year with a marginal net loss of approximately ₹2 crore, compared to a ₹4.4 crore profit in the previous year.
1. FY25 Financial Performance: Scaling at Speed
Despite the high-burn environment of D2C fashion, Snitch managed to stay close to breakeven while doubling its operations.
| Metric | FY24 (Actual) | FY25 (Reported) | Growth (YoY) |
| Operating Revenue | ₹241 Crore | ₹498 – ₹520 Crore | ↑ 108% – 115% |
| Net Profit / Loss | ₹4.4 Crore (Profit) | ~₹2 Crore (Loss) | ↓ Trailing Breakeven |
| EBITDA Margin | ~5% | -1% | Tightened |
| Procurement Costs | ₹110 Crore | ₹230 Crore | ↑ 109% |
- Unit Economics: For every rupee earned, Snitch spent approximately ₹1.02 in FY25, reflecting heavy investment in inventory and marketing.
- Cost Centers: Procurement remained the largest expense at 45% of total expenditure, followed by marketing (₹83 crore) and employee benefits (₹65 crore).
2. The 2026 Strategy: “The Zara of India”
CEO Siddharth Dungarwal has set an ambitious target to reach ₹1,000 crore ($115M) in revenue by FY26, focusing on three key pillars:
A. Offline Retail Blitz
- Store Count: From 51 stores in early 2025, Snitch aims to hit 100+ stores by the end of 2025 and 300 stores by FY28.
- Hyper-Local Hubs: Physical stores now contribute 40–45% of total revenue and double as fulfillment centers for rapid delivery.
B. Quick Commerce Pivot
- 60-Minute Delivery: Following a successful pilot in Bengaluru, Snitch is rolling out its 60-minute apparel delivery service across Delhi, Mumbai, and Hyderabad by early 2026.
- Category Expansion: To boost average order value (AOV), the brand is launching new categories including plus-size wear, footwear, sunglasses, and bags.
C. International Pilot
- Snitch is preparing for its first international foray with a pilot in the Middle East (MENA) and South Asia, targeting the urban Gen Z diaspora by late 2025.
3. Funding and IPO Roadmap
Snitch enters 2026 as one of the most well-capitalized D2C brands in India.
- Series B Success: In June 2025, the company raised $40 million (₹340 crore) led by 360 ONE Asset, valuing the brand at approximately ₹2,500 crore.
- IPO 2028: The company is working toward an Initial Public Offering (IPO) within the next three years. However, management has stated this is contingent on achieving a net profit of ₹100 crore and maintaining sustainable unit economics.
Conclusion: A 30-Day Fashion Cycle
Snitch’s growth is built on a “speed-first” model, operating on 2-week design-to-shelf cycles compared to the industry standard of 4 months. While the ₹2 crore loss in FY25 marks a brief departure from profitability, it represents a strategic sacrifice to capture market share. As the brand nears its ₹1,000 crore goal, the focus will be on whether its automated retention tools (like the Snitch X loyalty program) can drive enough repeat business to turn those massive revenues into meaningful profits.
