SucSEED Ventures invests into Protinus Fashion Networking Pvt Ltd, to expand its horizon into Fashion Commerce & Retail Management Platform segment. SucSEED invests in 6Degrees through this Pre-Series A round, whereas Kieretsu Forum had invested seed capital earlier.
6Degree is India’s largest fashion network with over 15,000 professionals and home to over 4,000 fashion designers. The company also has long standing partnerships with over 100 multi-brand stores and leading fashion platforms such as IMG Reliance, Lakme Fashion Week, Fashion Design Council of India and several esteemed names, playing host to leading names such as Rohit Bal, Tarun Tahiliani, Manish Arora and many others.
Nikhil Hegde, Co-Founder of 6Degree said, “6Degree has constantly been working in the affordable luxury market for the emerging fashion designers. With large base of designers & fashion professionals on the 6Degree network, there has been a need to leverage this asset and enable growth to the local talent and engage with customer across the globe. 6Degree has strong existing partnerships and have been able to add business value to over 500 emerging fashion designer brands by giving them access to national and international markets. We have also launched www.6Degree.store to provide the fashion-conscious consuers access to limitless styles from homegrown designers and at affordable prices ”
Talking about the company plans to utilized the funds Nikhil Hegde said that 6Degree will now be able to move quicker and bring about a democracy in styles to consumers and support local designer talent in becoming strong national & global brands.
Speaking on why they have invested in 6Degree, Vikrant Varshney, Cofounder & Managing Partner, SucSEED, said “The Indian fashion retail industry is about $100 Bn, with the global market in excess of $3Tn. There are over 700,000 homegrown designer brands in India who seek to retail in over 75,000 single brand & multi-brand store network. In addition, each year, there are over 25,000 fashion students who graduate and a large section of them go on to start their own homegrown brand. Our Investment into 6Degree would help them achieve a dominating position in that space and organise the market.
Dr.Moti Vyas, an active Investor with SucSEED, said "6Degree has the vision to transform fashion industry, as it provides an end to end platform for fashion industry participants with a digital technology infrastructure. It works to eliminate overheads, improves efficiency, provides transparency, fair marketplace for new players and above all world class customer experience at an affordable price point.
Speaking on this investment further, Dhiraj Sinha, Cofounder & Partner, SucSEED, said “6Degree aims to democratize the fashion industry for India's middle class. The company is led by the passionate duo - Nikhil Hegde and Amit Bhardwaj with global fashion industry experience and a vision to 'make a difference'. We take pride in our association with 6Degree”.
6Degree (http://6degree.co) was started in 2015 by Nikhil Hegde and Amit Bhardwaj, with a vision to bring the unorganised fashion industry to one platform and through this, democratise style for consumers. Today, 6Degree provides every stakeholder in the fashion industry with a opportunity to grow their business – either through service opportunities or product sales. Designers now have access to newer markets, nationally and internationally through 6Degree Retail Platform (https://www.6degree.store) while fashion service providers can now be discovered by leading brands through India’s largest fashion network – 6Degree.
Problem(s) that 6Degree is addressing:
• Fashion is always perceived to be a consumption for the rich class, however, most people have an aspiration to be fashionable. Bringing customized and affordable luxury-wear to consumers from homegrown fashion brands. Stylish products at affordable prices always seek new markets and consumers from the growing middle class population of India.
• Homegrown fashion designer brands stuggle to establish themselves on a global scale.
• Provide business and job opportunities for fashion professionals through India’s largest fashion network – 6Degree Network. Fashion service provides can now have access to jobs and opportunities without a middleman and payment guarantees.
Solution:
- 6Degree has launched its propertiary retail management solution that provides designer brands with a single platform to grow and manage their business across all online and offline sales channels. 6Degree manages over 200 designer brands via its unique retail platform and provides access to new markets & consumers. 6Degree Retail Management now allows homegrown brands to go digital-first while still providing them with retail opportunities in physical stores through its large store-partner network.
- One of the largest industries of India is built by local fashion designers & homegrown brands and 6Degree now enables the VocalforLocal campaign by scaling these homegrown brands to national and international markets.
- 6Degree Network allows fashion and lifestyle brands to tap into the growing fashion talent community to be discovered and find fashion jobs. Leading corporate & lifestyle brands have leveraged the 6Degree Network to take their campaigns viral over the digital domains.
About the market Potential in the space
The Indian fashion retail industry is about $100 Bn, with the global market being in excess of $3Tn. Having one of the largest youth population in the world, global and homegrown brands see India as a greenfield opportunity in the fashion segment. There are over 700,000 homegrown fashion designer brands in India who seek to retail in over 75,000 single brand and multi-brand store network. In addition, each year, there are over 25,000 fashion students who graduate and a large section of them go on to start their own homegrown brand.
The Founders:
- Nikhil Hegde | https://www.linkedin.com/in/nikhilrhegde/
- Amit Bhardwaj | https://www.linkedin.com/in/amitbhj/
- 10 years in risk consulting and telecom industry, worked for companies like Subex, Airtel, Tata Teleservices and KPMG MBA from University of Leeds | University topper for MBA