Vaishnav Shetty, executive director of Allcargo Logistics, Pirojshaw Sarkari, CEO of Gati, Ankur Agarwal, co-founder of Dunzo, Saurabh Aggarwal, co-founder of Fitso and Himanshu Periwal, co-founder of unlu also participated in the round
Gurugram-based SaaS start-up Soptle has raised $0.33 million in an angel round led by global early-stage venture firms Kube VC and Soonicorn LLP.
Industry veterans such as Vaishnav Shetty, executive director of Allcargo Logistics, Pirojshaw Sarkari, CEO of Gati, Ankur Agarwal, co-founder of Dunzo, Saurabh Aggarwal, co-founder of Fitso and Himanshu Periwal, co-founder of unlu also participated in the round.
Started by a 19-year-old high school graduate Pravas Chandragiri, the Software-as-a-Service(SaaS) platform eyes to increase the income of manufacturers by providing access to distributions across the country at a zero fixed cost.
Soptle will utilise the prospects of this investment round in enhancing product and technology. Additionally, the company seeks to appoint skilled staff in order to expand its team.
In August, Soptle raised an undisclosed amount in an angel investment round led by Soonicorn LLP and other marquee investors.
Addressing the investment, Pravas Chandragiri, chief executive officer of Soptle said, “We have empowered more than 45,000 retailers and manufacturers in just six months of launch and have seen a consistent 3x 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.”
“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-four times. We feel Soptle has immense first mover advantage to be a category leader in this space,” Faiz Mayalakkara, Designated Partner, Kube VC, said while talking about their decision to invest in Soptle.
At 17 years, Chandragiri became the youngest CEO of a networking platform, Rural Future Technology, which connected 1,200 mom-and-pop stores across nine districts of Eastern India. Two years later, he launched the SaaS platform Soptle.
Soptle’s annual recurring revenue has grown to cross $2 million. The company currently claims to boast a network of more than 45,000 retailers and manufacturers.