Snitch also launched buy now pay later (BNPL) services through its new partner BharatX
New Delhi: Snitch, a fast fashion brand for men, raised Rs 15 million from investors at the Shark Tank India Season 2. All five sharks made an offer to Siddharth Dungarwal, founder of Snitch. Peyush Bansal, one of the sharks, announced the offer of 1.5 crores for 1.5% equity i.e 3% each.
The brand acquired five investors namely, Anupam Mittal, founder and chief executive officer of Shaadi.com (People Group); Aman Gupta, co-founder, and chief medical officer of boAt; Namita Thapar, executive director of Emcure Pharmaceuticals; Vineeta Singh, co-founder and chief executive officer of Sugar Cosmetics; Peyush Bansal, founder and chief executive officer of Lenskart.com and Amit Jain, co-founder and chief executive officer of CarDekho Group and InsuranceDekho.co.
“It was more towards the value these sharks would get rather than chasing valuation. I was sure that either I’m gonna take all 5 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,” Siddharth Dungarwal, founder & chief executive officer of Snitch.
The brand has also recently collaborated with BharatX, an emerging white labeled credit enabler for e-commerce merchants. The two have collaborated to offer to buy now and pay later services.
The feature SnitchPay, powered by BharatX, will allow customers to pay for their purchases in three installments with no added cost of interest.
Founded in 2019, Snitch is a men’s apparel brand. It launched as a B2B brand and later ventured into the D2C and e-commerce fashion industry with 30 products in June 2020.