Back
Havish Gupta
Figuring Outย โขย 1m
This guy built a โน100 crore ARR company bootstrapped and is now aiming for an IPO. This is the story of Snitch, a fast fashion brand for men started by Siddharth in 2020. So Siddharth used to sell ready made clothes to businesses, but when COVID hit, he was left with a lot of unsold inventory and had nothing to do with it. Thus in July 2020, he launched his website, Snitch (a name he had registered in 2014), and started selling those clothes online. Within an hour of launching the website, he got his first order and, within a week, was doing 70 orders a day. The reason for this success was that, unlike other brands, Snitch is a fast fashion brand for men that offers affordable pricing (somewhere between Max and H&M). In late 2022, they pitched on Shark Tank India Season 2, asking for a โน300 crore valuation. At that time, they were doing โน109 crore ARR and were making โน50 lakh in monthly profit while being bootstrapped! And that too when their focus was on โscaleโ and not โprofits.โ Finally, they secured an all-5-shark deal at a โน100 crore valuation, raising โน1.5 crore. After their Shark Tank appearance, Snitchโs revenue spiked by 30%, reaching โน11 crore per month. Then, at the end of 2023, they raised $13.3 million at an estimated $62.3 million valuation. In FY24, they generated โน242.96 crore in revenue, have over 45 physical stores, and now aim for โน1,000 crore in revenue and an IPO in FY26.
Replies (9)
More like this
Recommendations from Medial
Download the medial app to read full posts, comements and news.