17th July 2020: 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”.
