Indian Angel Network (IAN), has invested $200,000 in fashion talent and tech startup 6Degree. 6Degree, has mentioned in an official statement taht it will use the proceeds from the round to enhance its technology and to expand its reach. the venture also plans to expand its fashion services and launch enterprise solutions for fashion weeks, the press statement added. As a part of this development, lead investor for IAN’s latest investment, Abhishek Agarwal, will also join the company’s board. He said in a statement-
“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,”
Nikhil Hegde, chief executive of 6Degree said in a statement-
“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,”
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. IAN’s Agarwal said-
“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 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.