SucSEED Indovation Fund, others invest in startup 6Degree
image for illustrative purpose
Hyderabad City-based SucSEED Indovation Fund along with SucSEED Angel Network, Kieretsu Forum and AngelBay invested $1 million in Mumbai-based 6Degree (Protinus Fashion Networking Pvt Ltd) as part of their run-up to a Series-A round. The funds will be used by the startup to ramp up operations for its flagship product Honeycomb– a B2B retail SaaS platform, currently catering to the fashion and lifestyle sector. Vikrant Varshney, cofounder and managing partner of SucSEED Indovation Fund, said: ''Indian fashion retail industry is about $100 billion, with the global market being in excess of $3 trillion. 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."
"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 crisis times. Our investors have also helped them on product roadmap," Vikrant added. Nikhil Hegde, co-Founder of 6Degree said, "Indian fashion and lifestyle market 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. Our experience over the past year has been rewarding with over 300 per cent growth in revenues to reach Rs 13 crore in FY 2020-21." 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. As per a recent report of Gartner, the SaaS market will continue to grow in 2021, reaching $120.9 billion.
