Soptle: Revolutionizing SME Credit in India
Founded in 2021 by the young entrepreneur Pravas Chandragiri from Balasore, Soptle aims to transform the way credit is extended to small and medium enterprises (SMEs) in India.
Tailored Financial Solutions: Soptle offers a suite of financing solutions meticulously tailored to the specific needs of small enterprises and retailers. These include term loans, invoice financing, and lines of credit, providing flexibility and accessibility to businesses looking to invest in growth without immediate financial burdens.
Data-Driven Approach: Utilizing an AI-based credit engine, Soptle assesses risk and offers collateral-free loans based on various factors such as credit scores, bank transactions, distributor, and brand history. This data-driven methodology enables personalized and accessible financial services, enhancing the operational efficiency and cash flow of SMEs.
Impressive Growth Trajectory: Within just two years, Soptle has achieved remarkable growth, with an annualized Gross Loan Value (GLV) of $30 million. The platform boasts significant user traction, partnerships with modern trade merchants, and monthly disbursements amounting to Rs 32 crore, indicating rapid expansion and adoption.
Funding and Investors: Backed by $1.5 million in funding from prominent investors including Kube VC, We Founder’s Circle (WFC), Iceland Venture Studio (IVS), and Nyra Ventures, Soptle has the necessary financial support to fuel its growth and innovation in the SME credit market.
Market Opportunity and Competition: With a reported credit gap of close to $530 billion among MSMEs in India, Soptle operates in a market ripe with opportunities. While facing competition from players like Epaylater, Mintifi, Loantap, and Lendingkart, Soptle’s unique approach and technology-driven solutions set it apart, positioning it as a leader in the SME credit space.
Empowering SMEs for Economic Development: Soptle’s story goes beyond its journey to success; it represents the empowerment of SMEs to achieve their full potential, contributing to the broader economic development of India. By addressing the critical challenge of credit accessibility, Soptle is paving the way for transformative growth and sustainability in the SME sector.
As Soptle continues to expand and innovate, its impact on the SME credit landscape promises to be profound, making it a beacon of hope for businesses navigating the complexities of financial management in India’s dynamic economic landscape.