Mumbai-based fashion commerce and retail management platform 6Degree (1) has raised pre-Series A funding for an undisclosed amount from SucSEED Ventures.
The Protinus Fashion Networking Private Limited owned platform plans to use the freshly raised funds to move to bring democracy in styles to consumers quickly and support local designer talent in becoming strong national and global brands, says Co-Founder Nikhil Hedge.
6Degree was founded by Nikhil Hedge and Amit Bhardwaj in 2015 and today has over 4,000 fashion designers working with them and holds a strong fashion network with over 15,000 professionals.
The company claims to have partnered with more than 100 brands and fashion platforms like IMG Reliance, Lakme Fashion Week, and Fashion Design Council of India. The platform also has several esteemed names playing host to leading names such as Rohit Bal, Manish Arora, and Tarun Tahiliani.
6Degree has also added business value to over 500 emerging fashion designers by providing them with a platform for showcasing their work in the national and international markets.
SucSEED Ventures, on the other hand, was founded in 2016 and is a firm that helps in raising seed funds through angel investments and provides financial support towards venture capital in startups and businesses from various domains.
Giving local designers a platform
Hedge said that the company has been working in the affordable luxury market business for emerging and talented fashion designers and has a large base of designers and fashion professionals on board with them.
With a wide array of designers, there has been a need to use this asset and enable local talent growth by engaging with customers across the world.
Vikrant Varshney, Co-Founder & Managing Partner at SucSEED stated that their investment in 6Degree would help them achieve a dominating position in that space and organize the market.
The fashion and retail industry in India is about $100 billion and has the global market over $3 trillion. India alone has over 700k homegrown designer brands who seek to retail in over 75k single brand and multi-brand store networks. Additionally, more than 25k fashion students graduate each year, aiming to start their own homegrown brand.