[Funding alert] SucSEED invests in fashion commerce and retail management startup 6Degree
SucSEED Ventures on Friday announced that it has invested an undisclosed amount of funding in pre-Series A round in Mumbai-based Protinus Fashion Networking Pvt Ltd, which owns and operates fashion commerce and retail management platform 6Degree.
Talking about the company plans to utilise the funds, Co-founder 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 and global brands.
Started in 2015 by Nikhil Hegde and Amit Bhardwaj, 6Degree is a fashion network with over 15,000 professionals and home to over 4,000 fashion designers. The company claims that it has partnerships with over 100 multi-brand stores and 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.
Kieretsu Forum had earlier invested seed capital in the startup.
Nikhil Hegde added,
“6Degree has constantly been working in the affordable luxury market for the emerging fashion designers. With a large base of designers and 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 customers 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 6Degree Store to provide the fashion-conscious consumers access to limitless styles from homegrown designers and at affordable prices,” Nikhil said.
According to Vikrant Varshney, Co-founder and Managing Partner, SucSEED,
“The Indian fashion retail industry is about $100 billion, with the global market in excess of $3 trillion. There are over 700,000 homegrown designer brands in India who seek to retail in over 75,000 single brand and multi-brand store networks. 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.”
Founded in 2016, SucSEED Ventures has been investing in diverse domains, and also open to support wider innovation and businesses. The firm facilitates raising seed funding through angel investments and provides support towards venture capital to such entities and teams.
Edited by Kanishk Singh