Founded in September 2021, Soptle is a SaaS start-up founded by Mr. Pravas Chandragiri. The company specializes in providing solutions for manufacturers, distributors, and retailers operating in the fast-moving consumer goods (FMCG) sector.
Soptle’s – Goals
Soptle’s primary goal is to introduce an integrated technology platform for underserved regional FMCG manufacturers in India through a B2B Retail Commerce App.
The start-up utilizes technology and data to facilitate large-scale distribution, leveraging key components in the FMCG supply chain such as existing enterprises and wholesalers. This strategic approach aims to build a high-growth and profitable business. Soptle’s overarching objective is to digitize and incentivize FMCG manufacturers, creating a comprehensive hub that serves as a one-stop solution for their needs.
As of now, Soptle has successfully established a network comprising over 50,000 retailers and distributors, experiencing a monthly growth rate of 2-3 times.
Working of Soptle
In the FMCG retail sector, obtaining timely credit is essential for growth, and the absence of traditional credit cycles often results in financial constraints and missed expansion opportunities. This innovative start-up provides a seamless solution for financial freedom, empowering retailers to advance their operations.
Background
Having transitioned from managing his uncle’s retail store to establishing an FMCG growth platform that involves thousands of retailers and manufacturers, the youthful entrepreneur Pravas Chandragiri has covered significant ground in his journey.
A budding entrepreneur in Balasore, Odisha, began his journey in the FMCG industry at the age of 12. He later became the youngest CEO of Rural Future Technology, linking over 1,200 Kirana stores across nine districts, generating an impressive annual turnover of INR 60 lakhs. This firsthand experience ignited his enthusiasm for innovation, laying the groundwork for his future ventures.
Driven by his entrepreneurial zeal, Pravas envisioned a more efficient and streamlined distribution system for FMCG products. Later, Soptle emerged as a B2B retail commerce platform with a mission to eliminate unnecessary components in the traditional supply chain. By leveraging technology and eliminating intermediaries like C&F, General C&F, and Superstockists, Soptle strives to empower FMCG manufacturers and retailers, facilitating nationwide distribution at zero fixed cost.
Funding & Acquisitions
Soptle has recently secured $1 million in pre-seed funding from prominent investors, including Kube VC, We Founder Circle, Iceland Venture Studio (IVS), Nyra Ventures, and the founders of successful startups such as Dunzo, Jar, and Bijak. This financial backing is set to fuel Soptle’s initiatives to broaden its network of retailers and extend its footprint of manufacturing partners throughout India. Additionally, the funds will be directed toward the introduction of new product offerings and the enhancement of Soptle’s technology.
Soptle- USP
Although Soptle is in the early stages of its journey, its influence on the FMCG landscape is already noteworthy. Pravas Chandragiri leads Soptle, a lucrative ecosystem that benefits all involved stakeholders by transforming consumer goods distribution. Its key USPs include-
Empowering Manufacturers and Driving Sales Expansion:
With the use of the Soptle application, FMCG manufacturers are leveraging technological advancements to enhance their sales threefold, thereby enhancing their overall business operations and capacity utilization. This mutually beneficial arrangement for manufacturers and retailers lies at the core of Soptle’s value proposition.
Rapid Growth and Market Influence:
Soptle’s disruptive model and unwavering commitment to transforming FMCG distribution have propelled the platform’s rapid expansion. The remarkable growth of the distribution system network among retailers is a testament to its effectiveness and efficiency.
Facilitating Retailer-Enterprise Connections:
The application serves as a conduit, allowing enterprises to effortlessly onboard retailers and generate invoices.
Choice and Empowerment:
Retailers can review and accept invoices, gaining transparency into their financial obligations.
Efficient Payment Tracking:
Retailers can easily track payment schedules, facilitating financial planning and management.
Access to Timely Credit:
In situations where retailers face challenges meeting payment deadlines, Soptle’s credit tool comes to the rescue.
Credit Advantage:
Through Soptle, retailers can opt for Soptle credit, which offers a seven-day credit- free period and a nominal daily interest rate of 0.1% on the principal amount.
Future Plans & Opportunities
In the coming years, Soptle envisions scaling its operations by a factor of 100 in the coming year, augmenting its technology teams, and expanding its distribution network by 15-20 times. Its aspirations extend beyond India’s borders, as it aims to adopt a global perspective by 2024, intending to share its technology and operational strategies with the world.
