B2B retail platform 6Degree raises $1 million in funding1 min read . Updated: 04 May 2021, 07:54 PM IST
- The fundraise will help the company to ramp up operations for its flagship product software platform, Honeycomb
Business-to-business (B2B) retail platform, 6Degree on Tuesday said that it has raised $1 million from Hyderabad headquartered SucSEED Indovation Fund, Kieretsu Forum, SucSEED Angel Network and AngelBay, as it looks to ramp up its business operations.
The seven-year old startup provides a software platform, Honeycomb, to fashion and lifestyle brands, helping them publish and manage inventory, track and manage orders as well as boost sales online.
According to the company the fundraise will help the company to ramp up operations for its flagship product software platform, Honeycomb.
“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," Nikhil Hegde, co-Founder of 6Degree said,
Hegde added that with the onset of the pandemic the company has seen its revenues grow by 3 times to ₹13 crore, in fiscal year 2020-21.
At present, the company has close to 600 fashion and lifestyle brands, which leverage its Honeycomb platform.
“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," said Vikrant Varshney, co-founder and managing partner, SucSEED Indovation Fund.
With tailwinds provided by the pandemic, 6Degree expects to grow almost 5-times this year, and onboard over 3000 brands for its Honeycomb platform.
“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," said Denny Kurien, President, Kieretsu Forum.
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