Soptle raises $1 million in pre-seed funding round
Business-to-business, SaaS-led fast-moving consumer goods marketplace Soptle has raised $1 million as a pre-seed investment as part of its latest funding round. The investment round was led by Kube VC and We Founder Circle and saw participation from Iceland Venture Studio, Nyra Ventures, and founders of Dunzo among others.
“When I started Soptle, my aim was to help the humble kirana store owner in small towns and cities,” said Soptle’s CEO and founder Pravas Chandragiri in a press release on May 10. “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.”
Soptle will use the new funds to expand its retailer-network reach and its manufacturing-partner footprint across the country. The business also plans to launch new product offerings and focus on technology enhancement.
“Pravas, at such a young age, has created a business model that encapsulates our view on how technology can connect various manufacturers to improve the distribution while also building scalable, defensible and profitable business models,” said We Founder Circle’s founder Neeraj Tyagi. “We are encouraged by the traction achieved for their manufacturers-led market linkage,”
“With this innovative, tech-led, manufacturer-centric and distribution-first model, Soptle has set out on a journey to create a next generation B2B commerce platform that increases value realization and income for manufactures,” said a spokesperson for Kube VC. “Soptle enables manufacturers better access to market and distribution of their product using Soptle’s tech infrastructure.”
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