Tech-enabled fashion startup 6Degree, which is operated by Protinus Fashion Networking Pvt. Ltd, has raised $400,000 (Rs 2.6 crore) from the Indian Angel Network and TAN Advisors (The Angel Network) in a pre-Series A round of funding.
The startup will use the capital to expand its team, upgrade its technology and widen its reach, it said in a statement.
6Degree was started in 2014 by Nikhil Hegde and Amit Bhardwaj. Through its tech platform, it brings together fashion designers, bloggers, brands, models and photographers. It is also associated with events such as the Lakme Fashion Week, India Fashion Week London and Fashion Forward Dubai. In 2017, 6Degree launched the Studio App to facilitate business-to-business fashion commerce.
Hegde, who is also the CEO, said the startup’s client base has been growing “exponentially” and that it now caters to more than 300 fashion designers. The startup posted revenue of Rs 3.1 crore in the financial year ended March 2017. It aims to increase its revenue to about Rs 5 crore this fiscal year and make an operating profit, he said.
Bhardwaj, who is the chief operating officer, said that the company aims to expand its talent network to include models and stylists. It also aims to expand its regional presence in Tier 2 and Tier 3 cities, he said.
This is the IAN’s second investment in 6Degree. In June 2016, 6Degree had raised about $200,000 from the IAN.
IAN co-founder and president Padmaja Ruparel said the angel network’s backing has helped the startup create a “360-degree fashion platform”.
The IAN is the country’s most prolific angel network. Its recent investments include a bet on Bangalore-based cold chain monitoring startup TagBox In October last year.
In July 2017, the IAN invested in Thinkerbell Labs Pvt. Ltd, which builds literacy devices for the visually impaired, as well as in Pune-based smart wheelchair maker Arcatron Mobility Pvt. Ltd and hotel booking platform Findmystay.com.