Introduction:
Siddharth Dungarwal, a Bangalore native, has made a bold move in the often changing world of fashion to solve an issue that many men encounter: a dearth of fashionable and eye-catching apparel options. We explore the story of Snitch, the Fastest Growing Fast Fashion Brand for Men in India, as Siddharth presents his idea and business plan on the well-known television program Shark Tank.
The Pitch:
Siddharth highlights the demand for stylish, vibrant apparel for guys while introducing himself as the Founder and CEO of Snitch. He says with pride that Snitch was among the first companies in India to offer a men’s long coat set that was produced there exclusively. Since its founding in 2020, the business has grown remarkably, shipping more than 2000 orders every day.
Siddharth’s path from jewelry to fashion begins in 2009, when he was helping his father run a jewelry store, an industry he had no interest in. Realizing how much he loved clothes, he started off by selling industrial leftovers before advancing into the design and production of shirts. Siddharth faced obstacles, but his tenacity helped him make a sizable profit.
The Origins of Snitch:
After spotting a market niche, Siddharth changed course and founded Snitch as a business-to-business company that supplies shops with fresh looks on a daily basis in limited quantities. They were able to scale effectively thanks to the rapid fashion strategy. They had a roller coaster of success, though, as the pandemic in 2020 compelled them to switch to a direct-to-consumer business model.
Outstanding Development and Present Situation:
Snitch has more than 50,000 unique visits, five lakh downloads, and a strong conversion rate. According to Siddharth, the business generated revenues of 9 crores in the preceding month and expects to bring in 90 to 100 crores this year.
Difficulties and Future Plans:
Siddharth admits that more funding is required for Snitch to grow internationally, despite the fact that the company is currently bootstrapped. With a 300 crore valuation for the company, he is looking for a 1.5 crore investment for 0.5 equity. Intrigued, the Sharks express their admiration for Snitch’s development.
Drama on Shark Tank:
Siddharth is questioned by the sharks over his pricing plan, design process, and profitability of his business. With assurance, Siddharth answers questions and shares her knowledge of the quick fashion concept and limited inventory approach.
Deal or No Deal:
Following a heated debate, Siddharth successfully strikes a deal with the Sharks, taking up their 1.5 crore offer for the required shares. The Sharks are captivated by Siddharth’s enthusiasm and commitment in addition to Snitch’s business plan.
Offer’s Given By Shark:-
Original Ask 1.5 crores for 0.5% equity
All Shark’s Offer : 1.5 crores for 1.5% equity
Finally Deal closed with the same offer given by all Shark’s 1.5 crores for 1.5% equity valuation 100 crores
Conclusion:-
In conclusion, Siddharth Dungarwal’s perseverance is evident in the transformation of Snitch from a modest jewelry store to a successful fashion brand. With the Sharks’ backing, Snitch is ready to take the men’s fashion world by storm, shattering convention and raising the bar. It’s evident from Snitch’s development that Siddharth’s goal of making it the largest men’s fashion brand in India is almost certainly going to come true.
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