Fast fashion brand Snitch and distribution platform ofScale raised early-stage funding, the companies said on Wednesday.
Snitch has raised $13.1 million (Rs 110 crore) in a Series A funding round co-led by SWC Global and IvyCap Ventures. The round also saw participation from undisclosed angel investors.
The company will use the funding to hire talent, improve its technology stack and expand offline.
Based out of Bengaluru, Snitch is a fashion brand whose products are available online on its website and application as well as other online marketplaces. It also has an offline presence.
It claims to have achieved a turnover of Rs 100 crore in FY23 and aims to open 100 offline stores across India in the next 4-5 years.
"Our focus on delivering value through our online platforms, coupled with our offline presence, positions us well for future growth," said Siddharth Dungarwal, founder, Snitch.
OfScale has raised $375,000 (Rs 3.1 crore) in a pre-seed funding round led by First Cheque. The round also saw participation from Matrix Partners India DeVC, Relentless VC, and angel investors like Abhishek Goyal (Tracxn), Mekin Maheshwari (Udhyam.org) and Revant Bhate (Mosaic Wellness), among others.
The startup will use the funding for product development along with deploying more go-to-market (GTM) initiatives.
Founded in 2022 by Suvigna Shour, Tarun Kedia, and Vijay Akkaladevi, ofScale is a consumer brands-focused platform that helps businesses build their offline footprint. The platform allows brands to lease retail shelves in independent stores, simplifying entry into offline markets.
It counts brands such as Bodywise, Deconstruct, Arata, Paradyes, Wishcare, and Hair Originals, as part of its client portfolio.
“ofScale enables brands to take bite-sized initiatives for their offline agenda resourcefully. Over the last 12 months, more than 15 beauty and personal care brands have launched offline retail via ofScale,” said Suvigna Shour, co-founder and chief executive officer, ofScale.
