SaaS-led B2B Commerce Platform Soptle Raises $1 Mn In Pre-Seed Round
Soptle, a SaaS-led B2B marketplace for FMCG manufacturers and retailers, has raised $1 million in a pre-seed funding round co-led by Kube VC along with We Founder Circle. Iceland Venture Studio (IVS), Nyra Ventures, and Dunzo founder Ankur Agarwal participated in the funding round.
As per the startup, the freshly raised funds will be used for the expansion of the retailer network reach and manufacturing-partner footprint across India, with new product offerings and technology enhancement.
Soptle | SaaS-Led B2B Retail Commerce Platform
Founded in 2022 by a 19-year-old high school graduate Pravas Chandragiri, Soptle is a Gurugram-based startup that helps small and large FMCG businesses distribute products using its network of active retailers across India.
The SaaS-led B2B retail commerce platform helps FMCG manufacturers better serve the existing supply chains by providing access to procurement, production, demand generation, distribution, cash collection, and reconciliation.
Speaking about the development, Pravas Chandragiri, CEO & Founder of Soptle,
“When I started Soptle, my aim was to help the humble kirana store owner in small towns and cities. I never had any doubt about both the idea behind Soptle and India’s untapped potential. Our team has worked hard to make this idea grow, and the pre-seed round is a validation of our efforts. The pre-seed round is another step towards many new milestones. I am thankful to both the Soptle team and the investors for their partnership and passion.”
The Gurugram-based firm claims to have empowered more than 850 distribution partners and 72,000 retail partners and has over 1,300 SKUs.
In 2022, Soptle closed two angel rounds, including a $300,000 funding round led by early-stage venture firms Kube VC and Soonicorn for hiring more people, strengthening the product, and general investment in growth areas. And with the latest pre-seed round, Soptle has cumulatively raised $1.4 million to date.
According to a report by Avendus Capital, the gross merchandise value (GMV) of tech-enabled Business-to-business marketplaces in India is projected to reach $125 billion by 2027. The report highlighted that the B2B marketplaces will grow at a CAGR of 45% over the next five years.
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