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Fast fashion retail brand Snitch bagged an ‘all-shark’ deal on Shark Tank India Season 2 recently. The ‘sharks’ were highly impressed by the young entrepreneur Siddharth Dungarwal’s vision and his ability to build a Rs 100 crore business. Anupam Mittal, Namita Thapar, Peyush Bansal, Vineeta Singh and Aman Gupta jointly invested Rs 1.5 crore for 1.5% equity in the company.
Speaking to indianexpress.com, the businessman said that he initially thought there would be a number of arguments when it comes to valuation, however, he was pleasantly surprised that all the ‘sharks’ came on-board. “Apparel is a tricky business and investors usually run away from it. This is why I never thought I would get such a good deal.”
He added that as a businessman, he believes in ‘value than valuation’. “Will that 1.5% make a difference? I am happier to have them as they will add so much more value to the company. That amounts to more than anything.”
Shark Tank India 2 pitchers interviews: Recode’s Dheeraj Bansal | Stage’s Vinay Singhal | Team Patil Kaki | Flatheads’ Ganesh Balakrishnan | Primebook’s Chitranshu Mahant | Inside FPV’s Arth Chowdhary | Janitri founder Arun Agarwal
Founded in 2019, Snitch manufactures and sells men’s clothing. While it started as a B2B company manufacturing for retailers, Siddharth Dungarwala restructured his business model and relaunched Snitch as a D2C brand.
The entrepreneur shared that post the episode, his website saw massive traffic and his phone hasn’t stopped ringing. He added that his LinkedIn and phone inbox have been flooded with messages. During the episode, Dungarwala got emotional as he spoke about his father. He also called him his biggest inspiration and shared how his words of appreciation mean the world to him.
“He is the proudest about my appearance on the show. He is calling me after every half an hour to say how people have been calling to congratulate him. A lot of people who were not in touch with him have called him. I have no words to share how happy he is,” he shared.
Dungarwala further said that when they started, their ambition was to get 10 orders per day. “We never expected to be the first brand in India to become a Rs 100 crore company in just two years. That was a big achievement.” He added that being on Shark Tank India was not just to get an investor but also to help his brand get marketing. “There is nothing to lose, if you don’t get funding, at least you will come back with ideas. You also get a lot of credibility, branding, and marketing. Also, you get some amazing feedback. It’s the best platform for young entrepreneurs.” The businessman shared that the company now plans to broaden its collection by including fashion for plus size and also manufacture accessories. They are looking at going big in offline sales, and while female fashion is a bigger market, they do not want to step into it at the moment.
There are a number of myths around Shark Tank India, one that the show is ‘scripted’ with all pitches being planted. Laughing at the same, Siddharth Dungarwal said that it’s absolutely baseless. He shared that there was not even a retake in the tank. “Yes, they do prepare us for the pitch, and it’s only because they don’t want you to goof up and look bad on national television.”
And do pitchers have to pay to be on the show? “The team paid for my traveling, accommodation, and even food. I did not have to even spend a penny. I think that answers my questions.”
Shark Tank India Season 2 airs on Sony TV and streams on SonyLIV.
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