Mumbai (Maharashtra) [India], Jan 31 (ANI): Fashion talent and tech startup, 6Degree, on Wednesday announced that it has raised USD 400,000 from Indian Angel Network (IAN) 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.
"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 had clocked the revenue of Rs. 3.1 crores and before the close of the current financial year we aim to reach about Rs. five crores and achieving an EBITA positive figure," said co-founder and CEO, 6Degree, Nikhil Hegde.
"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," said co-founder and COO, 6Degree, Amit Bhardwaj.
"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 co-founder and President, Indian Angel Network and founding partner, IAN Fund, Padmaja Ruparel.
"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 last three 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," said Director, TAN Advisors - The Angel Network said, Nitin Jain.
In 2016, 6Degree had raised about USD 200,000 from IAN.
In 2017, 6Degree had launched the Studio App, aimed at bringing efficiency in the fashion ecosystem and to facilitate Business-to-Business (B2B) fashion commerce. (ANI)