Soptle Raises $300,000 Angel Investment Round
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Soptle, a technology platform for manufacturers to grow their businesses, has raised $300,000 in an angel round led by global early-stage venture firm Kube VC and Soonicorn LLP. The round also witnessed participation from Vaishnav Shetty (executive director of All-Cargo Group), Pirojshaw Sarkari (CEO of Gati Ltd), Ankur Agarwal (co-founder of Dunzo), Saurabh Aggarwal (co-founder of Fitso), Himanshu Periwal (co-founder of Unlu),among others. The company will utilise the fund for growing 100 times from here in the next two years, expanding its team and further enhancing its product and technology.
“This is just day one for us. We have empowered over 45,000 retailers and manufacturers in just six months of launch and have seen a consistent 3 times 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 Pravas Chandragiri , founder, Soptle.
Soptle has built a stellar leadership team of industry leaders from Tata, Oyo, Flipkart, Swiggy, IIT-Delhi, etc., in the last six months. The startup’s annual recurring revenue has grown to cross $2 million, and it boasts a network of over 45,000 retailers and manufacturers, claimed by the company in a statement.
“Soptle is truly revolutionising the manufacturer and retailer ecosystem. Its tech-enabled sales and distributions channel-cum-market linkage helps manufacturers expand their business geographically at no fixed cost, improve their capacity utilisation and improve their net margins by three to four times. We feel Soptle has immense first mover advantage to be a category leader in this space,” said Faiz Mayalakkara, designated partner, Kube VC.
Soptle was started earlier this year by a 19-year-old high school graduate Pravas Chandragiri as a Software-as-a-Service (SaaS) platform to democratise how manufacturers, distributors, and retailers continued their business in the $3 trillion Indian manufacturer-to-retailer ecosystem.