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Havish Gupta
Figuring Out • 22h
This guy built a ₹100 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 ₹300 crore valuation. At that time, they were doing ₹109 crore ARR and were making ₹50 lakh in monthly profit while being bootstrapped! And that too when their focus was on ‘scale’ and not ‘profits.’ Finally, they secured an all-5-shark deal at a ₹100 crore valuation, raising ₹1.5 crore. After their Shark Tank appearance, Snitch’s revenue spiked by 30%, reaching ₹11 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 ₹242.96 crore in revenue, have over 45 physical stores, and now aim for ₹1,000 crore in revenue and an IPO in FY26.
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