Hyderabad, India 4th May 2021: 6Degree (Protinus Fashion Networking Pvt Ltd), has raised $1 Million from Hyderabad Headquartered SucSEED Indovation Fund, Kieretsu Forum, SucSEED Angel Network and AngelBay as part of 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 $100Bn 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 & customers. Honeycomb is specifically designed to enable such brands to go digital and extend it to an omni-channel space. Our experience over the past year has been rewarding with over 300% growth in revenues to reach Rs 13 Crore in FY 2020-21, and over 600 fashion & lifestyle brands growing with Honeycomb.”
SucSEED Indovation Fund for 6Degree
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 3000 brands to scale with us.”
Speaking on why SucSEED has invested in 6Degree, Vikrant Varshney, Cofounder & Managing Partner, SucSEED Indovation Fund, said.” The Indian fashion retail industry is about $100 Bn, with the global market being in excess of $3Tn. Having one of the largest youth populations in the world, global and homegrown brands see India as a greenfield opportunity in the fashion segment. 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 brands.”
“We have known the founding team since 2020 when we had invested from SucSEED Angel Network and have seen them exceed their targets, even in crisis times. Our investors have also helped them on Product Roadmap” Vikrant added.
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”.
“We have known the founding team since 2019 and have seen their ability to deliver on targets. With this infusion of additional capital, we are confident that the company can move to a higher trajectory of rapid growth and profitability,” Kurien said.
The COVID-19 pandemic continues to accelerate digital transformation in companies across the globe. Reliance on digital technology surged as companies responded to rapidly changing business conditions. Gartner expects the SaaS market to continue to grow in 2021, reaching $120.9 billion.
Media Contact: Sheela Panicker | enright@enrightpr.in |
Additional Information:
SucSEED Indovation Fund has grown out of SucSEED Angel Network and IIITH Tech Ventures, an early-stage tech seed initiative with IIIT Hyderabad Foundation. Indovation Fund is sponsored by serial angel investors, mentors, industry leaders and are closely associated with the startup ecosystem for a long time. Partners and Team members of the Fund have 100+ years of cumulative experience within technology, fund management, and startup ecosystem and have already invested in 40+ companies and is a team of proven leaders in Tech & Entrepreneurship, venture capital investment, risk management, and funds and transaction management, joined together for the sole purpose of bringing tech innovation to the market.
- Vikrant Varshney, J A Chowdary, Dhiraj Kumar Sinha, Lax Chepuri , Ramesh Loganathan, V V S N Raju
- Vineeta Gupta Head- Deal Discovery & Investments, Indovation Fund, Ex Everstone Capital (PE), Edelweiss, JP Morgan (IB), ICICI Ventures (PE)
6Degree 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. 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 Lakme Fashion Week and Fashion Design Council of India, playing host to leading names such as Rohit Bal, Tarun Tahiliani, Manish Arora and many
