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Soptle, a B2B marketplace that uses Software as a Service (SaaS) for fast-moving consumer goods (FMCG) manufacturers and retailers, has completed a pre-seed funding round, securing USD 1 million.
The funding round was led by Kube VC and We Founder Circle, with additional investment from Iceland Venture Studio (IVS), Nyra Ventures, and the founders of Dunzo, Jar, Bijak, and the managing partner of Rocketship. vc. Previous investors, Kube VC and Ankur Agarwal, the founder of Dunzo, also participated in the funding round, as per reported by BW Disrupt.
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Soptle plans to use the USD 1 million pre-seed funding to fuel its growth by expanding its network of retailers and manufacturing partners across India. The company also aims to introduce new products and enhance its technology platform.
According to Pravas Chandragiri, the 20-year-old CEO & Founder of Soptle, “When I started Soptle, I aimed to help the humble Kirana store owner in small towns and cities. I never had any doubt about both the idea behind Soptle and India’s untapped potential. Our team has worked hard to make this idea grow, and the pre-seed round is a validation of our efforts. The pre-seed round is another step towards many new milestones. I am thankful to both the Soptle team and the investors for their partnership and passion.”
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Pravas Chandragiri, a high school graduate who decided to pursue entrepreneurship instead of attending college, founded Soptle in 2021. Drawing on his own experience working in a Kirana store in Balasore, Odisha, Pravas launched Soptle to empower the 8+ million regional FMCG manufacturers and retailers in India. Soptle enables FMCG manufacturers to improve their existing supply chains by offering services such as procurement, production, demand generation, distribution, cash collection, and reconciliation.
In 2022, Soptle successfully closed two angel funding rounds, in addition to the pre-seed funding round mentioned earlier. Collectively, the startup has raised $1.4 million from various investors, including Kube VC, We Founder Circle, Iceland Venture Studio, Nyra Ventures, and founders and CXOs of Dunzo, Jar, Bijak, Gati, Google, and All-Cargo Group.
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About Soptle
Soptle is a tiny SaaS-led B2B retail commerce platform that aids in the distribution of goods for both small and major FMCG companies by utilising its network of active retailers throughout India. By providing producers with access to national distribution, the business hopes to simplify the supply chain. By giving manufacturers access to widespread distribution at scale through its already-existing tech-enabled S&D channel cum market connections, it is revolutionising the retail ecosystem by enabling manufacturers to better service their retailers and boost manufacturers' income.
