Indian B2B retail platform 6Degree raises $1m funding to ramp up operations

Photo: 6Degree Website

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.

The fundraise will help it ramp up operations for Honeycomb, the company 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,” 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.

The article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.