6Degree, a Hyderabad-based fashion talent and tech startup, has raised a seed round of $200K from Indian Angel Network. The investment was led by Abhishek Agarwal, who will be joining the company board.
The raised funds will be utilised in technology enhancement and in expanding the portal’s reach. There are also plans to launch enterprise solutions for Fashion Weeks and expand its fashion services.
6Degree was launched by Nikhil Hegde (CEO) and Amit Bhardwaj (COO) in 2014. The startup’s aim is to integrate technology with fashion and to unite various domains of fashion and create one holistic group of like – minded people. It works on the theory of ‘Six degrees of separation’, that everyone is within six or fewer steps away.
Related Article: Fashion Tech Platform 6Degree Raises Seed Funding From CIBA, Goa
It provides opportunities to fashion professionals to showcase their talent and also unifies individuals related to the fashion domain such as fashion designers, bloggers, brands, models, and photographers on a single common platform. In a growing global fashion scene, 6Degree is a talent partner to fashion events that allows designers to showcase world over, spreading the reach and visibility of their creativity.
6Degree is associated with a number of fashion weeks such as Lakme Fashion Week, India Fashion Week London, India Beach Fashion Week & more. The business already serves over 2500 fashion professionals and has closed its first financial year with revenues in excess of INR 1 Crore.
“We have already seen Indian affluent consumers spending in Indian designer wears for their key functions and also prefers wearing international brands. 6Degree collaborations with both fashioner designer and fashion week is unique in nature. In addition, their upcoming tech platform will bring efficiency into the system,” he added.
As per the company, the business of fashion industry is marked at over $1 Tn and India constitutes to about 10% of the global market share.
As shared by IAN, its portfolio companies have given 70X returns in 6 years, 21X in 30 months, 22X in 60 months and 6X in 15 months; with ventures such as Druva, Stayzilla well on their way to become unicorns.