Existing investors – Kube VC and Dunzo founder Ankur Agarwal –also participated in the round.
The funding will aid Soptle’s expansion of the retailer-network reach and manufacturing-partner footprint across India, with new product offerings and technology enhancement. This will further empower the local retailer and manufacturers to reach larger markets and expand their services in the other Indian geographies, it 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,” said Pravas Chandragiri, chief executive and founder of Soptle.
Launched in May 2022 by 20-year old Chandragiri, Soptle is a SaaS-led B2B retail commerce platform that helps consumer goods companies distribute products by using its network.
The company enables FMCG manufacturers to increase their income by providing access to country-wide distributions at zero fixed cost. Similarly, it allows retailers to access products with three-four times higher margins than average, along with finance to grow their business.
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“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.
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