Business-to-Business retail platform 6Degree just announced that it has raised $1 million from Hyderabad based and headquartered- SucSEED Indovation Fund, Kieretsu Forum, SucSEED Angel Network and AngelBay. These funds will help to fire up the business operations of this start-up company.
This seven year old start-up offers a software platform named Honeycomb that is just launched in November 2020. This software makes a store for fashion and lifestyle brands, helping them publish and manage the catalogue, keep track on the orders and manage them. This boosts the online sales as well. According to 6Degree this fundraiser will help the company to upgrade the operations planned for its flagship product software platform- Honeycomb which was launched only a few months back in November 2020.
While giving an interview, 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 omni-channel space,”
In the statement, he further said that since the beginning of the pandemic, the company has seen its profits just grow by 3 times to ₹13 crore, in fiscal year 2020-21.
With the blast of problems and crisis that came along with the pandemic, 6Degree expects to grow almost 5-times this year, and collaborate with over 3000 brands for its platform Honeycomb.
Talking about the funds raised, Vikrant Varshney, co-founder and managing partner, SucSEED Indovation Fund said- “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.”
Kieretsu Forum also made a comment on this. Denny Kurien, President at the 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.”
Founded in 2014 by Amit Bhardwaj and Nikhil Hegde, 6Degree is India’s leading fashion business-to-business platform.