Fashion Business Startup 6Degree Raises $400k from Indian Angel Network and TAN Advisors
India’s first fashion talent and tech platform that provides opportunities to the fashion professionals to grow their business and brand reach.
6Degree, India’s foremost fashion talent and tech startup, has raised $400,000 from IAN (Indian Angel Network) and TAN Advisors –The Angel Network in a pre-series A round funding. The amount will be utilized in expanding the team, upgradation of the technology and in expanding the reach of the company. In 2016, 6Degree had raised about $200,000 from IAN. In 2017, 6Degree had launched the Studio App which is aimed at bringing efficiency in the fashion ecosystem and to facilitate B2B fashion commerce.
"We have been in the industry for the past three years and have been operationally profitable, thus validating the domain of the fashion tech in the country. The business has been growing exponentially in client base and now caters to over 300 fashion designers who use the 6Degree Studio platform for managing their brand. In the last financial year, we clocked the revenue of Rs 3.1 crore and before the close of the current financial year we aim to reach about Rs 5 crore and achieving an EBITA positive figure,” said, Nikhil Hegde, cofounder and CEO, 6Degree.
Amit Bhardwaj, cofounder and COO, 6Degree said, “This next financial year we aim to integrate and expand the talent network to include models, stylists and the rest of the fashion ecosystem on one page. We also aim to expand regional presence in tier 2 and tier 3 cities as we believe that there is a lot of untapped talent which needs guidance and platform to make a mark in the fashion space. Our strategy will be to use the developed technology to connect to the fashion ecosystem in such parts of the country”.
“IAN is happy to lead the second round of funding for 6Degree, enabling them further to create a 360 degree fashion platform. It’s heartening to see the way 6Degree has grown, since our investment in 2016. The team will continue to benefit from the network’s mentoring and guidance from its lead investors - Vishal Khare and Hirren Turakhia. I am confident that with their focus on facilitating B2B fashion commerce, they will create a dent in the ecosystem,” said Padmaja Ruparel, cofounder and president of the Indian Angel Network (IAN) and founding partner of the IAN Fund.
Nitin Jain, director, TAN Advisors –The Angel Network said, “It’s rare for an investor to fund a fashion startup that isn’t doing something with technology but the way 6Degree has set the benchmarks in the last 3 years by creating a community around their brand to retain clients has enticed our network to bring in investments. 6Degree is not formed to compete with big fashion brands but is for the masses giving direct access to lakhs of fashion designers and students who graduate from fashion colleges every year.”
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