Shark Tank Snitch
In this episode of Shark Tank India Snitch India’s fastest-growing fast fashion brand for men presents the pitch. Will the founder get a deal and infrom the sharks? To know about the deal read till the end.
|Founders||Siddharth R Dungarwal|
|Ask||₹1.5 crores for 0.5% equity|
Siddharth R Dungarwal is the founder and CEO of the company. He is 35 years old and comes from Bangalore. He has done graduation in commerce. He considered himself as a hustler and clothing was his passion since 14 years of age. From 2009 he helped his father in his jewelry shop. Initially, he started the business by selling procured materials from factories in retail. In 2012 he started his own business of manufacturing but later he found a gap in the market and utilized it through Snitch.
About the company Snitch
Boys face the problem of not having stylish, exciting, glamorous, colorful, and fashionable clothes like girls. Snatch is India’s fastest-growing fast fashion brand for men. Products such as shirts, t-shirts, denim, and more are available on their own website and app. Snatch is one of the first brands who launch a cohort set for men. The clothes are completely made in India and it is a mass premium brand. The startup company started in 2020. More than 2000 orders is done on a daily basis. Their vision is to make Snitch India’s biggest fashion brand for men and to capture the global market. Initially, it was a B2B brand where the manufactured clothes are sold to retailers. Initially, the company was running on a good scale, but then the pandemic hit the market. Currently, they have more than 50,000 daily active users, more than 5 lakhs app downloaded. The conversion rate is between 2.5 to 2.8%. The average order value is 1700. The brand name ‘Snitch’ was registered in 2014. The founder said that the clothes are of top-notch quality and can be compared to any other big brands in the market.
Ask by the Owners Snitch
The owner made anvask of ₹1.5 crores for 0.5% equity at the company valuation of 300 crores.
Snitch Sales And Revenue
Last month’s sales is ₹9 crores, out of which the revenue of their own website is ₹6 crores. From the marketplace, revenue is ₹1 crore and from B2B offline channel they made 2.3 crore revenue. Out of total sales, COGS is 42%, gross margin is 48%, marketing is 28%, shipping cost is 10%, operating cost is 9%, and EBITDA is 5%. It is a fully bootstrapped company but has a loan of ₹4.5 crores. In FY 21 to 22 sales are ₹44 crores, FY 22 to 23 projected sales are ₹100 crores.
Padcare Shark Tank
Offers and counter offers
All the sharks give an offer of ₹1.5 crores at 1.5% equity of the company with 100 crore company valuation.
Snitch Final deal
The owner finalized the deal with all the sharks for ₹1.5 crores at 1.5% equity of the company.