Leading early-stage venture firm Kube VC and Soonicorn LLP raised $300k in an angel round of funding for Soptle, a technological platform designed to assist manufacturers in growing their businesses.
Several prominent business leaders, including Himanshu Periwal (Co-founder, Unlu), Ankur Agarwal (Co-founder, Dunzo), Saurabh Aggarwal (Co-founder, Fitso), Vaishnav Shetty (Executive Director, All-Cargo Group), and Pirojshaw Sarkari (CEO, Gati), took part in the round.
Pravas Chandragiri, a dropout from engineering school, founded Soptle earlier this year as a Software-as-a-Service (SaaS) platform to democratise the manufacturer-to-retailer ecosystem in India, which is worth $3 trillion.
Chandragiri stated that the money would be used to grow 100 times from the current level over the course of the next two years, increase the team, and further develop the product and technology.
The start-up had secured an unknown sum in an angel round in August that was led by Soonicorn LLP and a number of notable logistics executives.
Soptle gives FMCG manufacturers access to nationwide distributes at no fixed cost, which increases their income by up to 10 times. Additionally, it gives retailers access to products with 3–4 times the typical margins and simple one-tap financing to help them expand their businesses.
“We have empowered 45,000+ retailers and manufacturers in just six months of launch and have seen a consistent 3x month-on-month growth for the last six months. Being backed by top industry veterans give us a sense that we are heading in the right direction,” said Chandragiri.
Chandragiri has been running a family-run retail business in a Tier 3 town since she was 12 years old. He was coerced into beginning the application process for admission to the IITs in 2019, not long after finishing high school. Chandragiri, who is an entrepreneur by inclination, left school early to launch a business that links local producers to merchants.
At the age of 17, Chandragiri became the youngest CEO of RFT (Rural Future Technology), a networking platform that linked 1,200 mom-and-pop shops in nine districts of Eastern India.
He introduced Soptle two years later with the intention of democratising the $500 billion FMCG sector. The startup's recurrent annual revenue has surpassed $2 million. Soptle is genuinely revolutionising the ecosystem of manufacturers and retailers. According to Faiz Mayalakkara, Designated Partner at Kube VC, Its tech-enabled sales and distributions channel-cum-market connection allows manufacturers to extend their business regionally at no fixed cost, boost their capacity utilisation, and improve their net margins by three to four times.