Bengaluru-based men's fashion brand Snitch, founded by Siddharth Dungarwal, reported a 67.7% YoY increase in revenue from operations to Rs 835 crore in FY26, compared with Rs 498 crore in FY25. However, rising procurement and operating costs pushed the company into a net loss of Rs 27 crore during the fiscal year.
According to its annual financial statements sourced from RoC, Snitch generated another Rs 14 crore through other income, taking its total income to Rs 849 crore in FY26.
Procurement Costs Rise 92% as Expenses Reach Rs 873 Cr
Procurement of apparel and accessories remained Snitch's largest expense, accounting for approximately 51% of its total expenditure. The cost increased 92.2% to Rs 444 crore in FY26 from Rs 231 crore in the previous fiscal year.
The company also spent Rs 108 Cr on advertising and marketing, while employee benefit expenses stood at Rs 81 Cr.
Overall expenditure increased 71.9% to ₹873 crore from ₹508 crore in FY25, exceeding the growth in operating revenue. This resulted in a net loss of ₹27 crore.
On a unit economics basis, Snitch spent approximately ₹1.05 for every rupee of revenue generated. Its ROCE stood at -8.6%, while its EBITDA margin was -3%.
Snitch Expands to 142 Stores and Quick Commerce
Founded in 2020, Snitch operates as a D2C fashion brand selling men's apparel and accessories through its website, mobile application and offline stores.
The company has expanded beyond its online-first model and entered quick commerce to strengthen delivery capabilities. According to its website, Snitch operates 142 stores across India, covering metropolitan markets and Tier II cities.
Its expansion strategy combines online sales, physical retail and faster delivery channels, giving the brand multiple routes to reach customers.
Siddharth Dungarwal’s Snitch Has Raised Over $53 Mn
Snitch has raised more than $53 million in funding to date. Its major funding milestone came in June 2025, when it secured a Series B round of up to $40 million led by 360 ONE Asset.
Existing investors IvyCap Ventures and SWC Global participated, alongside the Ravi Modi Family Office and other investors. The company had previously raised ₹110 crore in a Series A round in December 2023.
Profitability Remains the Next Key Challenge
Snitch's FY26 results highlight the cost of scaling a fast-fashion business. While revenue expanded sharply, procurement expenses grew considerably faster, reflecting the investment required to support a larger product range and distribution network.
The company has established a sizeable retail presence and expanded into quick commerce. Its next challenge will be to improve sourcing efficiency, manage marketing expenditure and strengthen store-level economics without slowing revenue growth.
For investors tracking India's D2C fashion market, the key metric to watch will be whether Snitch can convert its growing revenue base into sustainable operating profitability.
