B2B commerce platform Soptle raises $300k in funding from Kube VC, Dunzo founders, others
- ByStartupStory | November 22, 2022
Soptle, a digital platform for manufacturers to expand their businesses, has raised $300k in an angel round headed by international early-stage investment firms Kube VC and Soonicorn LLP.
Several seasoned businesspeople, including Himanshu Periwal, Ankur Agarwal, Saurabh Aggarwal, Vaishnav Shetty, the executive director of All-Cargo Group, Pirojshaw Sarkari, the CEO of Gati Ltd., and others, took part in the round.
Pravas Chandragiri, a 19-year-old recent high school graduate, founded Soptle earlier this year as a Software-as-a-Service (SaaS) platform to democratise how manufacturers, distributors, and retailers carried on their business in the $3 trillion Indian manufacturer-to-retailer ecosystem.
The firm gives FMCG producers access to nationwide distributors at no fixed costs, which can improve their revenue by up to 10 times. Similar to that, it gives retailers access to goods with 3–4 times larger average margins than before, as well as simple one-tap financing, to help them expand their businesses.
“For us, this is only the first day. In just six months since our inception, we have enabled more than 45,000 manufacturers and retailers, and we have experienced constant monthly growth of 3x over the past six months. We feel like we are moving in the right direction because we have the support of well-known industry experts, said Chandragiri, who is now 20 years old.
He stated that the money would be used to increase the company’s growth by 100 times over the next two years, expand its personnel, and improve its technology and product even more. The business had received an unknown sum in an angel round in August, sponsored by Soonicorn LLP and a number of illustrious logistics executives.
“Soptle is truly transforming the manufacturer and retailer environment,” said Faiz Mayalakkara, Designated Partner, Kube VC, in reference to the most recent funding. Its technologically enabled channel-cum-market linkage for sales and distribution enables manufacturers to grow their business geographically with no fixed cost, increase capacity utilisation, and increase net margins by three to four times. We believe Soptle has a significant first-mover advantage and can dominate this market.
Chandragiri has been running a family-run shop in a tier III city since she was 12 years old. 2019 saw him under pressure to begin his IIT admissions preparation as soon as he had his diploma. Chandragiri, who is an entrepreneur by inclination, left school early to launch a business that links local producers to merchants.
At the age of 17, Chandragiri became the youngest CEO of RFT (Rural Future Technology), a networking platform that linked 1,200 mom-and-pop shops in nine districts of Eastern India. He started Soptle two years later with the greater goal of democratising the USD 500 billion FMCG sector.
In the past six months, Soptle has assembled an outstanding leadership team made up of business titans from Tata, Oyo, Flipkart, Swiggy, IIT-Delhi, etc. The startup now generates more than USD 2 million in annual recurring revenue and has a network of more than 45,000 manufacturers and retailers.
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