Funds raised will be used to expand Soptle’s distribution network across the country, scale product capabilities and grow the team.
Soptle, a software-as-a-service (or SaaS)-led B2B retail platform, has raised an undisclosed funding round led by Soonicorn LLP and a group of renowned logistics leaders such as Vaishnav Shetty (Executive Director and CDO of All-cargo Group) Pirojshaw Sarkari (CEO of Gati Ltd) and Saurabh Agarwal (ex-founder Fitso (acquired by Zomato), etc., participated in this round.
Launched in May 2022 by 20-year-old engineering school dropout Pravas Chandragiri, Soptle is a SaaS-led B2B retail micro-platform that helps consumer goods companies distribute products using its network more than 15,000 retailers across the country. It also has around 400 distributors and 60 manufacturers on its platform.
“We have a unique distribution approach to build India’s largest FMCG distribution SaaS platform that enables critical connections between FMCG manufacturers and distributors/wholesalers as well as retailers. It also enables FMCG manufacturers to supply products to millions of retailers across India, creating powerful and positive change for these stakeholders,” Chandragiri added.
According to industry estimates, there is one kirana (grocery store) for every 100 households in India. Thus, nearly one million kirana stores are potential customers for a retail business model that offers them the opportunity to effectively compete with modern online and offline retail options and grow their businesses profitably.
This fundraiser is a true representation of the vision we have at Soptle, which is to build a software-as-a-service (or SaaS) platform powered by an operating system for the Indian FMCG community, starting with manufacturers who are the lifeblood of the FMCG industry. Funds raised will be used to expand Soptle’s distribution network across the country, scale product capabilities and grow the team.
“We are thrilled to partner with Soptle as they address their vision to create a cutting-edge, lightweight, technology-driven model that enables FMCG manufacturers and retailers to increase revenue. The company has achieved impressive growth of its retailer base in less than a quarter while simultaneously striving to improve the lives of the FMCG manufacturers they do business with,” said Saurabh Agarwal, Partner, Soonicorn LLP.
