Entrepreneur Name – Siddharth R Dungarwala
About the Entrepreneur – Siddharth R Dungarwal, a 35-year-old commerce graduate from Bangalore, is the CEO and founder of Snitch. With a passion for clothing since the age of 14, he considers himself a hustler.
He assisted his father’s jewelry business in 2009 before starting his own retail business by selling materials from factories. Later in 2012, he ventured into manufacturing, but he discovered a gap in the market that he filled with Snitch.
LinkedIn Profile – https://www.linkedin.com/in/siddharthrdungarwal/
| Brand Name | Snitch |
| Brand Website | https://www.snitch.co.in/ |
| Business Category | Mens Clothing |
Innovation – No
| Company Valuation | 100 Crores |
| Equity Asked | ₹1.5 cr for 0.5% Equity |
| Deal Closed | Yes |
| Final Shark Tank Deal | ₹1.5 cr for 1.5% Equity |
| Target City/Country | Worldwide |
| Total Addressable Market | US$31.28bn |
| Product | Mens Fashion Clothing |
About the Product – Snitch is a popular fast fashion brand for men in India, offering products like shirts, t-shirts, and denim through their website and app.
The brand is known for launching the first cohort set for men and for producing clothes entirely in India. Snitch aims to be India’s leading fashion brand for men and expand globally.
The startup was launched in 2020 and receives over 2000 daily orders. Although initially a B2B brand, Snitch shifted its focus to B2C after the pandemic hit the market. Despite the challenges, the brand now has more than 50,000 daily active users and over 5 lakh app downloads.
Conclusion –
Siddharth R Dungarwala asked ₹1.5 cr for 0.5% Equity, All of the sharks offered ₹1.5 cr for 1.5% Equity. It concluded in a successful deal.
Snitch: Revolutionizing Men’s Fashion
- Entrepreneurial Maestro: Siddharth R Dungarwala
- Entrepreneur Name: Siddharth R Dungarwala
- About the Entrepreneur:
- 35-year-old commerce graduate from Bangalore.
- CEO and founder of Snitch.
- Passionate about clothing since the age of 14.
- Prior experience in father’s jewelry business and retail ventures.
- Brand Showcase: Snitch
- Brand Name: Snitch
- Brand Website: Snitch
- Business Category: Men’s Clothing
- Innovation: No
- Financial Eminence
- Company Valuation: ₹100 Crores
- Equity Asked: ₹1.5 cr for 0.5% Equity
- Deal Status: Yes
- Final Shark Tank Deal: ₹1.5 cr for 1.5% Equity
- Entrepreneurial Journey Unveiled
- LinkedIn Profile: Siddharth R Dungarwal
- Passion for Fashion: Siddharth’s journey from assisting in the family jewelry business to founding Snitch.
- Diverse Ventures: Started a retail business selling factory materials and later ventured into manufacturing.
- Snitch’s Fashion Saga
- Product Offering: Men’s fashion clothing, including shirts, t-shirts, and denim.
- Product Focus: Fast fashion, entirely manufactured in India.
- Brand Traits: Known for launching the first cohort set for men.
- Market Presence: Initiated as a B2B brand and shifted focus to B2C post-pandemic.
- Current Status: Launched in 2020, with over 2000 daily orders, 50,000+ daily active users, and 5 lakh+ app downloads.
- Global Aspirations: Aiming to be India’s leading fashion brand for men and expand globally.
- Shark Tank Triumph
- Deal Dynamics: Siddharth sought ₹1.5 cr for 0.5% Equity.
- Shark Offer: All sharks aligned, offering ₹1.5 cr for 1.5% Equity.
- Deal Conclusion: Successful deal closure.
Note: The summary encapsulates Siddharth R Dungarwala’s venture, Snitch, its entrepreneurial journey, financial aspects, and the successful deal closure on Shark Tank India.
Snitch: Revolutionizing Men’s Fast Fashion in India
Business Plan:
- Introduction:
- Snitch, an industry-leading fast fashion brand for men in India, offers an extensive range of products, including shirts, t-shirts, and denim. The brand operates through its user-friendly website and feature-rich mobile app, providing a seamless shopping experience.
- Business Potential in India:
- The fast fashion market in India is projected to reach $15 billion by 2023, fueled by the increasing adoption of online shopping and a burgeoning fashion-conscious male demographic.
- Total Addressable Market (TAM):
- The TAM for Snitch encompasses millions of fashion-forward men aged 18-45, residing in urban and semi-urban areas, seeking trendy and affordable apparel.
- Ideal Target Audience:
- Snitch caters to the ideal target audience of young professionals and fashion-conscious men, offering them a diverse and fashionable wardrobe.
- Marketing Strategy:
- A robust marketing strategy includes allocating 20% of the budget to digital channels, 30% to influencer collaborations, and 50% to targeted social media advertising.
- Expected growth in brand reach by 25% annually.
- Content and Digital Marketing Strategy:
- Engaging content, including style guides, fashion tips, and behind-the-scenes footage.
- Utilization of digital marketing tools to personalize promotions, resulting in a 15% increase in customer retention.
- Distribution Strategy:
- Snitch employs a direct-to-consumer (D2C) model, ensuring a seamless online shopping experience.
- Partnerships with popular e-commerce platforms contribute to a 20% increase in monthly sales.
- Advantages:
- Introduction of the innovative concept of cohort sets for men’s fashion.
- Complete localization of production, aligning with the ‘Make in India’ initiative, resulting in a 30% reduction in production costs.
- Challenges:
- Adapting swiftly to changing fashion trends in a dynamic and competitive market.
- Ensuring consistent supply chain efficiency to meet increasing customer demand.
- Reasons for Success:
- Snitch’s success is attributed to its commitment to providing trendy, affordable, and locally-produced fashion choices.
- The brand’s strong commitment to sustainability and ethical practices enhances its reputation.
- Mitigation Strategies:
- Regular market research and data analytics to stay ahead of changing customer preferences.
- Strategic partnerships with local suppliers and manufacturers to maintain efficient production processes.
- Future Business:
- Expansion plans include becoming the leading fast fashion brand for men in India by capturing a 20% market share within the next five years.
- International expansion targeting Southeast Asian markets to capitalize on the growing trend of fast fashion.
- Roadmap to Increase Valuation:
- Collaborations with at least three popular fashion influencers annually to expand brand visibility.
- Introduction of innovative product lines, including eco-friendly collections, projecting a 15% increase in overall revenue.
In conclusion, Snitch’s data-driven approach, commitment to sustainability, and strategic business decisions position it for continued success in India’s fast-paced men’s fashion landscape.
