6Degree raises funds from SucSEED Indovation, Kieretsu Forum
The funds will be used to ramp up operations for its flagship product, catering to the fashion and lifestyle sector
Hyderabad: 6Degree (Protinus Fashion Networking), raised $1 million (over Rs 7 crore) from Hyderabad-based SucSEED Indovation Fund, Kieretsu Forum, SucSEED Angel Network and AngelBay in the run-up to a Series A round.
The funds will be used to ramp up operations for its flagship product “Honeycomb” – a B2B retail SaaS platform, currently catering to the fashion and lifestyle sector.
Nikhil Hegde, co-founder of 6Degree said, “India is a growing $100 billion fashion & lifestyle market which is built on the foundation of over a million SMBs, waiting to ride the digital wave and scale their business. The unfortunate pandemic has given an opportunity to these businesses to scale their businesses and reach newer markets and customers. Honeycomb is specifically designed to enable such brands to go digital and extend it to an omni-channel space.”
The Bengaluru-based company over the past year has seen more than 300 per cent growth in revenues to reach Rs 13 crore in FY 21, and over 600 fashion and lifestyle brands are growing with Honeycomb.
Nikhil further added that “SucSEED Indovation Fund and Kieretsu Forum bring a rich experience in unlocking access to some key markets and Microsoft Accelerator providing us the needed technology support. With this combination, we are well on track to grow another 5X this year and enabling over 3,000 brands to scale with us.”
Vikrant Varshney, co-founder, SucSEED Indovation Fund, said, ”We believe that 6Degree will enable digital transformation journey for brands and designers in India. This platform is uniquely positioned to provide hyper growth to the brands.”
Speaking on this investment further, Denny Kurien, president, Kieretsu Forum, said “We are confident that fashion in and from India will see strong growth as Indian brands and their work receive global recognition. 6Degree is uniquely positioned to ride that wave by becoming a one-stop repository of data, insight and resources for designers and fashion brands.”
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