Snitch Revenue Grows 68% to ₹835 Crore in FY26; Posts ₹27 Crore Loss

Indian men’s fashion brand Snitch recorded a 67.7% year-on-year increase in revenue from operations to ₹835 crore in FY26, compared with ₹498 crore in FY25. Despite the strong growth, the Bengaluru-based direct-to-consumer (D2C) company remained loss-making, reporting a net loss of ₹27 crore during the financial year, according to its annual financial statements sourced from the Registrar of Companies.

Founded in 2020 by Siddharth Dungarwal, Snitch has expanded its business through online sales, physical retail stores and quick-commerce platforms. The company also generated ₹14 crore in other income, taking its total income to ₹849 crore. However, rising procurement, advertising and operating expenses continued to put pressure on profitability as the brand expanded its presence across India.

Snitch Revenue Increases 68% in FY26

Snitch’s revenue from operations increased from ₹498 crore in FY25 to ₹835 crore in FY26, representing growth of 67.7%.

The company’s revenue has expanded significantly over the past two financial years. It generated approximately ₹243 crore in FY24, meaning its operating revenue increased around 3.4 times over the two-year period.

Financial metric	FY25	FY26
Revenue from operations	₹498 crore	₹835 crore
Other income	Not specified	₹14 crore
Total income	Not specified	₹849 crore
Total expenditure	₹508 crore	₹873 crore
Net loss	—	₹27 crore

Apparel and accessories remain Snitch’s primary revenue source. The company targets consumers looking for trend-driven men’s clothing through its website, mobile application and offline retail network.

Its growth reflects increasing demand for fast-fashion brands among younger Indian consumers, who are becoming more experimental with clothing styles and shopping preferences.

Procurement Costs Rise 92% to ₹444 Crore

Despite higher sales, Snitch’s expenses increased faster than its revenue.

Total expenditure rose 71.9% to ₹873 crore in FY26, compared with ₹508 crore in FY25.

Procurement of apparel and accessories remained the company’s largest expense, increasing 92.2% to ₹444 crore from ₹231 crore.

This expense accounted for approximately 51% of Snitch’s total expenditure.

Other major expenses included:

Expense category	FY26 expenditure
Apparel and accessories procurement	₹444 crore
Advertising and marketing	₹108 crore
Employee benefits	₹81 crore
Other operating expenses	Remaining expenditure

The increase in procurement costs indicates the additional spending required to support higher sales volumes and expand the company’s product availability.

Advertising and marketing expenditure also reached ₹108 crore as Snitch continued investing in customer acquisition and brand visibility.

Employee benefit expenses stood at ₹81 crore, reflecting the company’s growing operational requirements.

Snitch Reports ₹27 Crore Net Loss

Snitch reported a net loss of ₹27 crore in FY26 despite generating ₹835 crore in operating revenue.

The primary reason was that expenditure increased faster than revenue during the year.

The company’s unit economics also indicate continued pressure on profitability. Snitch spent approximately ₹1.05 to generate every ₹1 of operating revenue.

Its EBITDA margin stood at -3%, while its return on capital employed (ROCE) was -8.6%.

These figures indicate that the company has not yet achieved operating profitability and is still spending more than it earns from its core business activities.

However, the ₹27 crore net loss remains relatively small compared with its ₹835 crore operating revenue. The next challenge will be improving margins as the business expands.

Snitch Expands to 142 Stores Across India

Snitch is increasingly moving beyond its online-first business model by expanding its physical retail presence.

According to the company’s website, it operates 142 stores across India, covering metropolitan cities and Tier II markets.

Physical stores allow the company to reach customers who prefer trying products before purchasing. They also provide additional opportunities for brand visibility and customer engagement.

The company has been expanding its presence in markets where demand for contemporary men’s fashion is increasing.

Its retail expansion is part of a broader strategy to build an omnichannel business combining digital sales, physical stores and faster delivery options.

However, operating physical stores also brings additional expenses, including rent, staffing, inventory management and logistics.

Managing these costs will be important as Snitch increases its retail footprint.

Quick Commerce Becomes Another Growth Channel

Snitch has also entered the quick-commerce segment as it looks to improve delivery speed and reach consumers who prefer faster shopping experiences.

The company launched Snitch Quick in October 2025, offering apparel delivery in under 60 minutes in selected markets.

The service initially operated in cities including Bengaluru, Delhi, Gurugram and Ahmedabad.

Quick commerce could provide an additional sales channel for products such as everyday clothing, accessories and other fashion essentials.

However, the model also creates operational challenges. Maintaining inventory close to customers, managing fulfilment costs and ensuring product availability can affect margins.

For Snitch, the commercial success of quick commerce will depend on whether higher order volumes can compensate for the additional delivery and inventory expenses.

Snitch Has Raised More Than $53 Million

Snitch has raised more than $53 million in funding to support its expansion.

Its major funding round was a $40 million Series B investment led by 360 ONE Asset in June 2025.

The funding has supported the company’s efforts to expand its product portfolio, strengthen its technology infrastructure and increase its physical retail presence.

Snitch operates in India’s increasingly competitive D2C fashion market, where brands are competing for customers through product design, pricing, marketing and distribution.

Its competitors include The Souled Store, Rare Rabbit and Wrogn.

The Souled Store reported revenue growth of 37% to ₹492 crore in FY25, while Rare Rabbit reported revenue of approximately ₹818 crore. Wrogn, backed by Aditya Birla Fashion and Retail, reported revenue of ₹244 crore in FY26.

The comparison highlights the scale of India’s emerging fashion brands, although the companies operate with different product portfolios, business models and financial reporting periods.

The Bigger Picture

Snitch’s FY26 performance reflects the growth opportunities in India’s organised men’s fashion market. Consumers are increasingly experimenting with clothing styles, while digital platforms and physical retail networks are helping newer brands reach customers across different cities. Snitch’s expansion to 142 stores and entry into quick commerce demonstrate how D2C brands are building distribution networks beyond traditional online shopping.

However, revenue growth alone does not guarantee a sustainable business. Snitch’s procurement costs increased significantly faster than sales, while marketing and retail expansion added further pressure. The company’s ability to improve inventory efficiency, manage customer acquisition costs and increase operating margins will determine whether its growing scale translates into long-term profitability.

Looking Ahead

Snitch will need to balance its expansion strategy with tighter control over procurement, marketing and operating expenses. Its physical retail network and quick-commerce operations could support further revenue growth, but these channels must generate sufficient sales to justify their additional costs. Investors and industry observers will watch whether the company can improve its EBITDA margin and reduce its dependence on continued expansion spending.

The FY26 results show that Snitch has built a business generating more than ₹800 crore in annual operating revenue within a relatively short period. The next stage will be converting that scale into consistent profits. Its performance will also provide an indication of whether India’s fast-growing D2C fashion brands can build financially sustainable businesses while competing with established fashion retailers and emerging online-first labels.