Gurugram-based SaaS-led B2B retail commerce startup Soptle has raised an undisclosed amount in an angel round led by Soonicorn LLP and a group of marquee investors, including Vaishnav Shetty, (Executive Director and CDO of Allcargo), Pirojshaw Sarkari (CEO of Gati), and Saurabh Agarwal former founder of Fitso), and others.
Launched in May 2022 by 20-year-old engineering school dropout Pravas Chandragiri, Soptle is a micro SaaS-led B2B retail commerce platform that helps consumer goods companies distribute products by using its network of over 15,000 retailers across the country.
Currently, The platform hosts about 400 distributors and 60 manufacturers on its platform. The startup plans to use the raised capital to expand Soptle’s distribution network across the country, scale product capabilities as well as grow the team.
“We have a unique distribution approach to building India's largest FMCG distribution SaaS platform that activates critical connections between FMCG manufacturers and distributors/wholesale as well as retailers," said Pravas Chandragiri. It also enables FMCG manufacturers to supply products to millions of retailers all over India, creating powerful, positive change for these stakeholders, he said.
According to the industry reports, there is a Kirana (grocery) shop for every 100 households in India. Thus, there are almost one million Kirana shops that are potential customers for a retail commerce model providing them with the opportunity to compete effectively with modern retail options online and offline and grow their businesses profitably.
Speaking on the investment, Saurabh Agarwal, Partner, Soonicorn LLP, said, "We are excited to partner with Soptle as they approach their vision of creating a cutting-edge, asset-light, tech-driven model that enables FMCG Manufacturers and retailers in boosting their incomes. The company has achieved impressive growth in its retailer base in less than a quarter while simultaneously striving to enhance the lives of the FMCG Manufacturers they collaborate with."