Report: Angel Round Helps B2B Platform Soptle Expand Across India
B2B retail eCommerce platform Soptle has reportedly raised an undisclosed amount in an angel round, with the funding helping to grow its team, increase product capabilities and expand its distribution network across India.
Launched in May, Soptle helps companies distribute fast-moving consumer goods (FMCG). It has 15,000 retailers from across India on its platform, as well as 400 distributors and 60 manufacturers, according to a Tuesday (Aug. 30) report by BW Disrupt.
“We have a unique distribution approach to building India’s largest FMCG distribution SaaS platform that activates critical connections between FMCG manufacturers and distributors/wholesale as well as retailers,” Soptle Founder and CEO Pravas Chandragiri said in the report. “It also enables FMCG manufacturers to supply products to millions of retailers all over India, creating powerful, positive change for these stakeholders.”
The announcement comes two months after Solv, which operates an online B2B marketplace focusing on small- to medium-sized businesses (SMBs) in India, raised $40 million in a Series A funding round.
Read more: B2B Marketplace Solv Raises $40M for Indian Expansion, BNPL
“Solv enables [SMBs] to trade in categories such as grocery and fast-moving consumer goods (FMCG), readymade apparels, electronics and accessories, home furnishings and footwear and accessories,” Solv said at the time in a press release.
A month before that, Indian B2B wholesale platform ApnaKlub, which also works with FMCG, raised $10 million in a funding round.
See also: ApnaKlub Raises $10M Towards B2B Wholesale Platform Improvements
The Economic Times of India wrote in May that ApnaKlub would use the funds to move further into credit and supply chain financing, cater more to kiranas (small grocery stores) and wholesale partners and expand to other parts of India.
Some of the things ApnaKlub offers include aggregation, transport and inventory handling, along with a delivery service that delivers products directly at predetermined prices, according to the report.
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