Growing 6Degree receives continued SucSEED support!
6Degree is a full-stack e-commerce enabler that helps brands sell online, offering brand store tech, performance marketing, marketplace management and e-commerce warehousing and fulfillment. It has raised funds from Hyderabad-headquartered SucSEED Indovation Fund and 1Crowd. The round also saw participation from Riso Capital, Keiretsu Forum and Angelbay.
With this round of investment, 6Degree get helps in providing better omnichannel experiences for our brands. They are investing in their partner network and providing cross-border solutions to take their brand portfolio to a global audience. The business has scaled quickly over the past year with over 3X growth in sales. They are also improving their positive unit economics. Seeing the strong demand for such solutions from their sector, they remain bullish on continued product adoption and will enable them to reach profitability over the next 12 months.
6Degree is driven by conversation AI/ML, enabling its bots to learn through user inputs from conversations. Powered with algorithm and logic, manages orders and inventory, receives information & keeps the backend updated. Integrating Chatbots with WhatsApp for inventory management, sales order booking, etc. is giving an edge over the competitors.
Major competitors like Fynd, Unicommerce, Ans Commerce, Ace Turtle and Shiprocket, etc. are in the Business to Consumer (B2C) segment while 6Degree is differentiating itself by offering B2B services to Direct to Consumer (D2C) fashion brands.
It has integrated the tech stack and its APIs fetch data from social media websites and predict the fashion trends and enable the brands on the platform to manage the inventory accordingly.
They have 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. Strategic Partnership with Lakme Fashion Week and Fashion Design Council of India (FDCI).
It is founded by Nikhil Hegde and Amit Bhardwaj. Nikhil Hegde comes with 10+ years of experience in product management and risk advisory. He previously worked with Subex, KPMG, Onmobile, Tata Tele and Airtel. Alumni of University of Leeds. Amit Bhardwaj comes with 6+ years of experience in leading enterprise products and sales during his career. He previously worked with Tata Tele and a payment startup. Alumni of Symbiosis.
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.”
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 $100Bn 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.”
About SucSEED Indovation Fund — SucSEED Indovation Fund (SIF) is an AIF Cat-1 Venture Capital Angel Fund with a ₹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 SaAS, and Digital Economy & Emerging Tech.