Soptle, a retail platform that focuses on fast-moving consumer goods (FMCG), has recently secured $1 million in funding. The investment round was led by Kube VC and We Founder Circle, and also included participation from Iceland Venture Studio (IVS), Nyra Ventures, the founders of Dunzo, Jar, Bijak, 888VC, and the managing partner of Rocketship.vc.
Kube VC and Dunzo founder Ankur Agarwal, who are existing investors, also took part in the funding round.
Soptle plans to utilize the funding to expand its network of retailers and manufacturing partners throughout India. The company aims to introduce new products and enhance its technology to enable local retailers and manufacturers to access larger markets and expand their services in various regions across India.
Pravas Chandragiri, Chief Executive and Founder of Soptle said, “Over the last two years, we have worked hard to bring together 80,000 kirana store owners and retailers across India on our platform who are now using our technology for their geographical expansion. We strongly believe technology can help us realise the potential of the FMCG industry.”
Founded by Chandragiri, a 20-year-old entrepreneur, Soptle is a SaaS-based B2B retail commerce platform designed to assist consumer goods companies with product distribution through its extensive network. The platform was launched in May 2022.
By offering a nationwide distribution network at zero fixed cost, Soptle empowers FMCG manufacturers to increase their revenue. At the same time, the platform enables retailers to access products with significantly higher margins, three to four times more than the average, along with financing options to grow their business.
“With this innovative, tech-led, manufacturer-centric and distribution-first model, Soptle can create a next generation B2B commerce platform that increases value realisation and income for manufactures. We are delighted to support Soptle which is enabling manufacturers better access to market and distribution of their product using Soptle’s strong tech infrastructure,” said Faiz Mayalakkara, partner at Kube VC.
