B2B Retail Commerce Soptle Raises Undisclosed Amount Led By Soonicorn LLP
Soptle, a Software as a service (or SaaS) led B2B retail commerce platform, has raised an undisclosed angel round led by Soonicorn LLP and a clutch of marquee 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 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. It also has about 400 distributors and 60 manufacturers on its platform.
“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. It also enables FMCG manufacturers to supply products to millions of retailers all over India, creating powerful, positive change for these stakeholders,” Chandragiri added.
As per industry estimates, there is a kirana (grocery) shop for every 100 households in India. Thus, there are almost one million kirana shops who 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.
This fundraise is a real representation of the vision we have at Soptle, which is to build an operating system powered Software as a service (or SaaS) Platform for the Indian FMCG community, beginning with the Manufacturers who are the cornerstone of the FMCG industry. The funds raised will be used to expand Soptle’s distribution network across the country, scale product capabilities as well as grow the team.
"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.'' Said Saurabh Agarwal, Partner , Soonicorn LLP.
