[Funding alert] B2B retail SaaS platform 6Degree raises $1M from SucSEED Indovation Fund, others
Mumbai-based 6Degree — owned and operated by Protinus Fashion Networking Pvt Ltd — has raised $1 million from SucSEED Indovation Fund, Keiretsu Forum, SucSEED Angel Network, and AngelBay as part of a run-up to a Series A round.
The startup will use the funds to ramp up operations for its flagship product “Honeycomb” — a B2B retail SaaS platform — catering to the fashion and lifestyle sector. 6Degree claims to be on track to grow another 5X this year, enabling over 3,000 brands to scale with it.
Nikhil Hegde, Co-founder of 6Degree, said,
“India is a growing $100 billion fashion and 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 omnichannel space.”
“Our experience over the past year has been rewarding with over 300 percent growth in revenue to reach Rs 13 crore in FY 2020-21, and over 600 fashion and lifestyle brands growing with Honeycomb,” Nikhil added.
Founders - Amit Bhardwaj and Nikhil Hegde
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 startup has long-standing partnerships with over 100 multi-brand stores and leading fashion platforms, including Lakme Fashion Week and Fashion Design Council of India.
Speaking on the investment, Vikrant Varshney, Co-founder and Managing Partner, SucSEED Indovation Fund, said,
"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 a crisis. Our investors have also helped them on the product roadmap."
Denny Kurien, President, Keiretsu 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.”
6Degree believes 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.