Indian Angel Network (IAN), the country’s oldest and largest angel investor group, has invested $200,000 in fashion talent and tech startup 6Degree .
In an official statement released on June 8, 2016, 6Degree said it will use the proceeds from the round to enhance its technology and to expand its reach.
It also plans to expand its fashion services and launch enterprise solutions for fashion weeks, the press statement added.
“Fashion as a genre cannot be underrated and it is important to integrate technology with fashion. Our aim is to unite various domains of fashion and create one holistic group of like – minded people,” said Nikhil Hegde, Chief Executive of 6Degree.
The lead investor for IAN’s latest investment is Abhishek Agarwal, who will also be joining the company’s board.
“The fashion market in India is going to be huge in next 10 years. We have already seen Indian affluent consumers spending in Indian designer wears for their key functions and also prefers wearing international brands,” Agarwal said.
Founded in 2014 by Hegde and Amit Bhardwaj, 6Degree offers a platform that brings together various members of the fashion and lifestyle sector, such as, fashion designers, bloggers, brands, models and photographers.
The platform allows them to connect and collaborate with new business opportunities, launch brands and showcase their creations.
The startup claims to have serve over 2,500 fashion professionals and counts fashion weeks, including, Lakme Fashion Week, India Fashion Week London, Fashion Forward Dubai, among its clients, according to the press release.
“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,” IAN’s Agarwal said.
IAN has already made over 10 investments in the current calendar year. In March, the angel investor network invested Rs 2 crore in robotic education provider SP Robotic Works, and an Rs 3.5 crore investment in Gurgaon-based carpooling app Orahi.
Additionally, IAN had also invested an undisclosed amount in Design Bids, an online marketplace for architecture and interior design services in January earlier this year.
IAN, which has over 350 members globally, counts prominent angel investors such as Hero Cycles managing director Sunil Munjal , HCL Co-Founder Ajai Chowdhry and Sanjeev Bikhchandani , Co-Founder and Chief Executive of publicly-listed internet company Info Edge , in its network.
Source: The Economic Times
