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 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 omnichannel 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.”
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 technical 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 a digital transformation journey for brands and designers in India. This platform is uniquely positioned to provide hyper growth to brands.”
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.