After delivering a sharp 2.3X growth in FY24, direct-to-consumer menswear brand Snitch managed to sustain its momentum in FY25, doubling its scale, crossing the Rs 500 crore revenue mark and remaining close to breakeven despite rising costs.
Snitch’s revenue from operations surged to Rs 498 crore in FY25 from Rs 241 crore in FY24, according to its annual financial statements sourced from the Registrar of Companies (RoC). The performance underscores the brand’s ability to scale rapidly in India’s crowded D2C fashion market without letting losses spiral.
Founded in 2020 by Siddharth Dungarwal, Snitch focuses on trendy, fast fashion menswear and accessories, sold primarily through its own website and mobile app. Apparel and accessories continue to be the company’s sole revenue driver, though the brand has recently begun experimenting with quick commerce to improve delivery speed and customer reach.
On the cost side, procurement remained the largest expense, accounting for nearly 45% of total expenditure. Procurement costs more than doubled to Rs 230 crore in FY25 as the company scaled inventory and expanded product categories. Employee benefit expenses stood at Rs 65 crore, while advertising and marketing spend rose to Rs 83 crore during the year, reflecting continued investments in brand visibility and customer acquisition.
Other overheads, including rent, marketplace fees, logistics, and technology costs, pushed Snitch’s total expenses to Rs 508 crore in FY25, up sharply from Rs 236 crore in FY24. Despite this two-fold jump in expenses, the company managed to keep losses tightly controlled.
Snitch stayed close to breakeven in FY25, following a profit of Rs 4 crore in FY24. Its EBITDA margin stood at -1%, while ROCE came in at -5.8%. On a unit economics basis, the brand spent Rs 1.02 to earn every rupee of revenue, highlighting improving operational efficiency at scale. As of FY25, Snitch reported current assets worth Rs 226 crore.
The company operates in an increasingly competitive D2C fashion landscape. Peers include The Souled Store, which reported revenue of Rs 492 crore in FY25, Rare Rabbit, which is targeting Rs 1,000 crore in revenue, and Wrogn, backed by Aditya Birla Digital Fashion.
According to industry data, Snitch has raised over $53 million to date, including a $40 million Series B round led by 360 ONE Asset in June last year.
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