Soptle, a B2B commerce startup, has raised $300k in an angel round led by venture firm Kube VC and Soonicorn LLP, participants included in the competition were Vaishnav Shetty, Pirojshaw Sarkari, Ankur Agarwal, Saurabh Aggarwal, Himanshu Periwal, and others.
The startup said in a press release that these new funds will be used to grow its staff and further improve its product and technology. Soptle raised an undisclosed sum in an angel round led by Soonicorn LLP and a slew of logistics executives in August.
Growth of Soptle
“This is just the start of the year for us. We have empowered over 45,000 retailers and manufacturers in just six months of launch, and have seen consistent three-fold month-on-month growth in 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.
In the last six months, Soptle has assembled a solid leadership team of industry leaders from Tata, Oyo, Flipkart, Swiggy, IIT-Delhi, etc. The startup’s annual recurring income has increased to $2 million, and it boasts a network of over 45,000 retailers and manufacturers, according to a statement released by the organization.
“Soptle is truly revolutionizing 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 utilization 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 Pravas Chandragiri, a 19-year-old high school graduate, as a Software-as-a-Service (SaaS) platform to democratize how manufacturers, suppliers, and retailers operated in the $3 trillion Indian manufacturer-to-retailer market ecosystem. This Gurugram-based startup’s annual recurring revenue has grown to cross $2 million.
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