Soptle, a business-to-business marketplace, has received a $1 million investment as part of a pre-seed funding round that was jointly led by Kube VC and We Founder Circle. Iceland Venture Studio (IVS), Nyra Ventures, and Dunzo founder Ankur Agarwal also took part in the funding round.
In 2022, Soptle closed two angel rounds. The latest pre-seed round brings the startup’s total funding to $1.4 million.
According to a press release from Soptle, the company intends to use the funds to enhance technology and expand the footprint of its manufacturing partners and retailer network across India.
By providing access to procurement, production, demand generation, distribution, cash collection, and reconciliation, the startup, founded in 2021 by Pravas Chandragiri, helps FMCG manufacturers better serve the current supply chains. Soptle seeks to establish itself as a one-stop shop for the FMCG industry by digitizing and rewarding the manufacturer of FMCG products.
The Gurugram-based startup claims that with its manufacturer-centric and distribution-first model, Soptle has embarked on a quest to develop a next-generation business-to-business commerce platform that boosts value realisation and income for manufacturers.
The company states that it has over 1,300 SKUs, over 850 distribution partners, and 72,000 retail partners.
