EnterpriseTech SaaS Platform 6degree Raises Growth Capital From SucSeed Indovation Fund and 1Crowd

6Degree, has secured an undisclosed amount in Fund raise led by Hyderabad headquartered SucSEED Indovation Fund and 1Crowd. The round also saw participation from Riso Capital, Keiretsu Forum and Angelbay.

Setup in 2015 by Nikhil Hegde and Amit Bhardwaj, 6Degree is one of the leading e-commerce enablement platforms focused on the fashion and lifestyle retail sector. 6Degree’s flagship product “Honeycomb” was launched in 2020 and offers an end to end suite of solutions for managing the online business of brands ranging from order & inventory management for D2C websites, third party marketplaces, payment & fulfillment solutions, and brand growth solutions.

A key differentiator from 6Degree is a blend of technology and growth solutions, backed with intelligent analytics, which empowers brands to make informed decisions on inventory planning and sales cycle management. 6Degree also offers detailed consumer analytics providing them a 360 degree view on their customers shopping trends and effective retargeting.

6Degree serves over 50 medium to large brands in the lifestyle space across India with names such as Inc5 Shoes, Centro, Madame, Ethnicity, and a lot more.

Nikhil Hegde, the Co-Founder and CEO of 6Degree said, ”We have been working with brands in the fashion & lifestyle space for over 7 years and have developed a detailed understanding on key elements that contribute to overall brand growth. With our full suite of Honeycomb solutions, brands can leverage our technology & scale-up abilities and deliver better buying experiences to their customers. We have continued to invest in our analytics and platform features, providing a plug & play solution for brands to manage their online business.

 

Nikhil Hegde, CEO - 6Degree

He further added that “The investment we raised from SucSEED Indovation Fund, 1Crowd and such established investors will help us in providing better omnichannel experiences for our brands. We are investing in our partner network and providing cross-border solutions to take our brand portfolio into a global audience.

The business has scaled quickly over the past year with over 3X growth in sales. We are also improving our positive unit economics. Seeing the strong demand for such solutions from this sector, we remain bullish on continued product adoption and will enable us to reach to profitability over the next 12 months”

Speaking on why they have invested Vikrant Varshney Co-Founder & Managing Partner of SucSEED Indovation Fund, said, “According to the Inc42 report, The Indian D2C market is expected to reach $100 Bn by 2025 at a CAGR of 25%, up from $33 Bn in 2020. 6Degree enables fashion and lifestyle brands via its proprietary platform to sell at multi-brand and online stores across geographies and scale their business, using actionable platform insights. It has built a strong network of fashion brands with more than 50+ brands and 100,000+ products sold.”

Vikrant further added, “Since the time we funded in their first round, 6Degree has been encouraging growth and has scaled their business rapidly with 200% growth in brands on the platform and 92%+ growth in GMV with INR 1000+ cr GMV in the pipeline over the next 2-3 years.”

Girichandra Kuchangi, Partner at 1Crowd commented: "Online brand presence, especially through own digital properties, is critical for lifestyle brands to be able to attract and own customers. Honeycomb, with its growing bouquet of features from tech tools to deep insights, and supported by a data-driven results-oriented team from 6Degree, is a great solution for lifestyle and fashion brands to establish their distinct online presence for the global audience. Nikhil & Amit have brought together a passionate team with deep expertise to build a one-stop shop to enable brands to quickly scale their omnichannel growth objectives."

SucSEED Indovation Fund (SIF) is an AIF Cat-1 Venture Capital Angel Fund with ₹100 crore corpus and has grown out of SucSEED Angel Network (SAN) and IIITH Tech Ventures, an early-stage tech seed initiative with IIIT Hyderabad Foundation. General Partners of the Indovation Fund have 100+ years of cumulative experience within technology, fund management, and start-up ecosystem and have already invested in 60+ startups. SIF attempts to support Indian Innovation for mass needs in the following Six (6) sectors - EdTech, FinTech, Health-tech, Security & RegTech, Enterprise & MSME SaAS and Digital Economy & Emerging Tech.

About 1Crowd -

1Crowd (1Crowd.co) is an early stage sector agnostic investment firm that operates a SEBI AIF Cat-1 VC (Angel fund) and an angel network. 1Crowd provides comprehensive support to startups through its ecosystem of partners, mentors and investor-members, who bring rich experience in diverse sectors. 1Crowd manages an AUM of over 170 crores across 35+ startups, with a diverse mix of enterprise tech / SaaS, fintech, cleantech, deeptech companies as well as consumer internet and D2C food brands.

Fashion Retail Platform, 6Degree Raises Rs. 2.5 Crores from Keiretsu Forum

Designer Network and fashion retail platform, 6Degree (Protinus Fashion Networking Pvt. Ltd.) has raised fresh funding of Rs. 2.5 Crore from global early-stage investor network Keiretsu Forum - Delhi and Bangalore chapters.

Earlier in the year, 6Degree had raised an undisclosed amount from SucSeed Ventures as part of its Pre-Series A round. The company has also been funded earlier by the Indian Angel Network, Angel Bay and Keiretsu Forum in an earlier round.

"Keiretsu Forum brings an array of business growth expertise and key access to fashion retail segments, which will allow us to scale our technology solutions and bridge the gap between 700,000-plus homegrown designers and single/multi-brand stores across the country. With this round of funding, 6Degree will be able to move faster to help local designer talent become strong national or global brands," said Nikhil Hegde, Co-founder and CEO of 6Degree.

Founded by Nikhil Hegde and Amit Bhardwaj in 2015, 6Degree brought the largely fragmented fashion industry on a single platform and has become India's largest fashion network with over 15,000 fashion industry professionals and is currently home to over 4,000 fashion designers.

"Affordable designer wear is a segment that will see phenomenal growth as India's middle class moves up the value chain and our investors see value in being a part of 6Degree's journey to tap into that market," said Denny Kurien, President of Keiretsu Forum Bangalore and Delhi NCR.

Keiretsu Forum is a global network of individual investors, funds, corporate entities and family offices looking to invest in early-stage companies. It allows members to work together on selecting deals and investing, with a view that the collective knowledge of the community can lead to better investment outcomes. Keiretsu Forum currently has more 250 investors as members in India.

Started in Silicon Valley in 2000, it is now one of the most active early-stage investor networks in the world with 56 chapters spread across more than 20 countries on four continents. According to Pitchbook, Keiretsu Forum funded 196 early-stage companies in 2019, by far the most by any investor network.

The Indian fashion retail industry is worth around $100 billion, while the global fashion market is in excess of $3 trillion. With the biggest youth population in the world, global and homegrown brands see India as a greenfield opportunity in the fashion segment.

There are over 700,000 home-grown fashion designer brands in India that seek to retail through over 75,000 single-brand and multi-brand stores. In addition to this, there are over 25,000 fashion design students who graduate each year with many of them aspiring to start their own fashion labels.

Starting off as a one-stop solution for fashion designers who traditionally sourced services through middlemen and producing two of the leading fashion shows in the country, 6Degree has now added to fashion retail management to its portfolio. This allows the company to not only help produce fashion, but also market and sell it.

The company has built partnerships with over 100 multi-brand stores and leading fashion platforms such as Lakme Fashion Week and FDCI (Fashion Design Council of India) Fashion Week, playing host to leading names in the fashion industry.

Through its 6degree.store platform, Indian designers now have access to global customers, particularly the Indian diaspora that values designer fashion. On the other hand, fashion service providers can now be discovered by leading brands through the 6Degree Network which is like a LinkedIn for fashion.

"6Degree has constantly been working in the affordable luxury segment with emerging designers. With over 4,000 designers and over 15,000 fashion professionals on the 6Degree network, there has been a need to leverage this asset and enable growth across the globe," Nikhil Hegde said.

"With our strong partnerships with IMG Reliance, Lakme Fashion Week, Fashion Design Council of India, we have been able to help over 500 emerging and homegrown fashion designer brands by giving them access to national and international markets," he added.

6Degree was started in 2015 by Nikhil Hegde and Amit Bhardwaj, with a vision to bring the unorganised fashion industry on one platform and through this, democratise style for consumers.

6Degree is India's largest fashion network with over 15,000 professionals and home to over 4,000 fashion designers. The company also has long standing partnerships with over 100 multi-brand stores and leading fashion platforms such as Lakme Fashion Week and Fashion Design Council of India, playing host to leading names such as Rohit Bal, Tarun Tahiliani, Manish Arora and many others.

6Degree provides every stakeholder in the fashion industry with a opportunity to grow their business - either through service opportunities or product sales. Designers now have access to newer markets, nationally and internationally through 6Degree Retail Platform while fashion service providers can now be discovered by leading brands through India's largest fashion network - 6Degree Network.

SucSEED Invests in 6Degree, A Fashion Commerce & Retail Management Platform

SucSEED Ventures invests into Protinus Fashion Networking Pvt Ltd, to expand its horizon into Fashion Commerce & Retail Management Platform segment. SucSEED invests in 6Degrees through this Pre-Series A round, whereas Kieretsu Forum had invested seed capital earlier. 

6Degree is India’s largest fashion network with over 15,000 professionals and home to over 4,000 fashion designers. The company also has long standing partnerships with over 100 multi-brand stores and leading fashion platforms such as IMG Reliance, Lakme Fashion Week, Fashion Design Council of India and several esteemed names, playing host to leading names such as Rohit Bal, Tarun Tahiliani, Manish Arora and many others. 

Nikhil Hegde, Co-Founder of 6Degree said, “6Degree has constantly been working in the affordable luxury market for the emerging fashion designers. With large base of designers & fashion professionals on the 6Degree network, there has been a need to leverage this asset and enable growth to the local talent and engage with customer across the globe. 6Degree has strong existing partnerships and have been able to add business value to over 500 emerging fashion designer brands by giving them access to national and international markets. We have also launched www.6Degree.store to provide the fashion-conscious consuers access to limitless styles from homegrown designers and at affordable prices ” 

Talking about the company plans to utilized the funds Nikhil Hegde said that 6Degree will now be able to move quicker and bring about a democracy in styles to consumers and support local designer talent in becoming strong national & global brands. 

Speaking on why they have invested in 6Degree, Vikrant Varshney, Cofounder & Managing Partner, SucSEED, said “The Indian fashion retail industry is about $100 Bn, with the global market in excess of $3Tn. There are over 700,000 homegrown designer brands in India who seek to retail in over 75,000 single brand & multi-brand store network. In addition, each year, there are over 25,000 fashion students who graduate and a large section of them go on to start their own homegrown brand. Our Investment into 6Degree would help them achieve a dominating position in that space and organise the market. 

Dr.Moti Vyas, an active Investor with SucSEED, said "6Degree has the vision to transform fashion industry, as it provides an end to end platform for fashion industry participants with a digital technology infrastructure. It works to eliminate overheads, improves efficiency, provides transparency, fair marketplace for new players and above all world class customer experience at an affordable price point. 

Speaking on this investment further, Dhiraj Sinha, Cofounder & Partner, SucSEED, said “6Degree aims to democratize the fashion industry for India's middle class. The company is led by the passionate duo - Nikhil Hegde and Amit Bhardwaj with global fashion industry experience and a vision to 'make a difference'. We take pride in our association with 6Degree”. 

6Degree (http://6degree.co) was started in 2015 by Nikhil Hegde and Amit Bhardwaj, with a vision to bring the unorganised fashion industry to one platform and through this, democratise style for consumers. Today, 6Degree provides every stakeholder in the fashion industry with a opportunity to grow their business – either through service opportunities or product sales. Designers now have access to newer markets, nationally and internationally through 6Degree Retail Platform (https://www.6degree.store) while fashion service providers can now be discovered by leading brands through India’s largest fashion network – 6Degree. 

Problem(s) that 6Degree is addressing: 

• Fashion is always perceived to be a consumption for the rich class, however, most people have an aspiration to be fashionable. Bringing customized and affordable luxury-wear to consumers from homegrown fashion brands. Stylish products at affordable prices always seek new markets and consumers from the growing middle class population of India. 

• Homegrown fashion designer brands stuggle to establish themselves on a global scale. 

• Provide business and job opportunities for fashion professionals through India’s largest fashion network – 6Degree Network. Fashion service provides can now have access to jobs and opportunities without a middleman and payment guarantees. 

Solution: 

• 6Degree has launched its propertiary retail management solution that provides designer brands with a single platform to grow and manage their business across all online and offline sales channels. 6Degree manages over 200 designer brands via its unique retail platform and provides access to new markets & consumers. 6Degree Retail Management now allows homegrown brands to go digital-first while still providing them with retail opportunities in physical stores through its large store-partner network. 
• One of the largest industries of India is built by local fashion designers & homegrown brands and 6Degree now enables the VocalforLocal campaign by scaling these homegrown brands to national and international markets. 
• 6Degree Network allows fashion and lifestyle brands to tap into the growing fashion talent community to be discovered and find fashion jobs. Leading corporate & lifestyle brands have leveraged the 6Degree Network to take their campaigns viral over the digital domains. 

About the market Potential in the space
The Indian fashion retail industry is about $100 Bn, with the global market being in excess of $3Tn. Having one of the largest youth population in the world, global and homegrown brands see India as a greenfield opportunity in the fashion segment. There are over 700,000 homegrown fashion designer brands in India who seek to retail in over 75,000 single brand and multi-brand store network. In addition, each year, there are over 25,000 fashion students who graduate and a large section of them go on to start their own homegrown brand. 

The Founders: 

• Nikhil Hegde | https://www.linkedin.com/in/nikhilrhegde/ 
• Amit Bhardwaj | https://www.linkedin.com/in/amitbhj/ 
• 10 years in risk consulting and telecom industry, worked for companies like Subex, Airtel, Tata Teleservices and KPMG MBA from University of Leeds | University topper for MBA 

IAN Invests in Tech-enabled Startup '6Degree' - a Platform for the Fashion Industry

6Degree, India’s foremost fashion talent and tech start up, got recently funded from Indian Angel Network. 6Degree raised a funding of about $200,000 from the investors. Abhishek Agarwal, the lead investor from IAN, will be joining the company board.

"Fashion as a genre cannot be underrated and it is important to integrate technology with fashion. Our aim is to unite various domains of fashion and create one holistic group of like - minded people. We have joined hands with Indian Angel Network as we have the same idiosyncrasy and we in unison plan to take 6Degree to greater heights”, said, Nikhil Hegde, Co-Founder & CEO, 6Degree. "Since our launch in 2015, we have progressed rapidly in this space to close our first financial year with revenues in excess of INR 1 Crore. The Business of Fashion industry is marked at over $1 Trillion and India constitutes to about 10% of the global market share "

Amit Bhardwaj, Co-Founder & COO, 6Degree  said, “We are planning to allocate the funds in enhancing our technology and by expanding our reach exponentially. The funds will also be deployed in expanding our bespoke fashion services and launching first-of-its kind Enterprise Solutions for Fashion Weeks."

Abhishek Agarwal, lead investor in 6Degree said "The fashion market in India is going to be huge in next 10 years. We have already seen Indian affluent consumers spending in Indian designer wears for their key functions and also prefers wearing international brands. 6Degree collaborations with both fashioner designer and fashion week is unique in nature. In addition, their upcoming tech platform will bring efficiency into the system".

6Degree began its journey in 2014 as a fashion talent & tech startup which provides opportunities for fashion professionals to showcase their talent across the globe. It unifies individuals related to the fashion domain such as fashion designers, bloggers, brands, models and photographers on a single common platform. The business already serves over 2500 fashion professionals and boasts of elite fashion weeks such as Lakme Fashion Week, India Fashion Week London, Fashion Forward Dubai and many others as its clientele.

6Degree, the quintessential fashion platform, was launched at the Lakme Fashion Week. The online platform enables professionals from the fashion ecosystem to connect and collaborate with new business opportunities, launch brands and showcase their creations. In a growing global fashion scene, 6Degree  is a talent partner to fashion events that allows designers to showcase world over, spreading the reach and visibility of their creativity. The association with multiple events across India and Pan Asia marks the first step towards accomplishing a vision to encourage the showcase of fashion talent across multiple geographies. 

Image Source: ShutterStock