Fashion Technology Startup 6Degree Raises $400K From Indian Angel Network, TAN Advisors
Fashion technology startup, 6Degree operated by Protinus Fashion Networking Pvt. Ltd, has secured US $400,000 (Rs 2.6 crore) pre-series A round from Indian Angel Network (IAN) and TAN Advisors, a network of angel investors in Punjab.
Earlier the startup raised US $200,000 funding by IAN in June, 2016.
The raised capital will be used to expand its team, upgrade its technology and widen its reach.
Fashion technology startup 6Degree was started in 2014 by Nikhil Hegde and Amit Bhardwaj in Mumbai which manages a community of designers, bloggers, photographers and other fashion professionals who engage on the platform to showcase their work and find work assignments.
“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,” said Padmaja Ruparel, co-founder and president at IAN.
Last year, it launched a mobile app called Studio, for people to hire professionals for catalogue shoots, brand management and public relations, among other things.
The company claims it made Rs 3.1 crore in revenue in the fiscal year that ended in March 2017 and is operationally profitable.
“6Degree was 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 Nitin Jain, director at TAN Advisors.
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.