Soptle enhances the financial well-being of SMEs and improve their operational efficiency

India's small and medium-sized businesses (SMEs) are the backbone of the country, making substantial contributions to GDP, employment, and industrial production. However, these companies frequently confront the difficult task of obtaining loans in a timely and economical manner. These businesses have unique demands that the regular banking system has not been able to sufficiently provide because of its strict requirements and drawn-out procedures. In addition to impeding SMEs' expansion, this vacuum in the financial ecosystem also reduces their ability to make larger economic contributions.

Soptle, a B2B loan lender situated in Gurugram that was established in 2021 by Pravas Chandragiri, a young entrepreneur from Balasore, provides a suitable solution.Chandragiri set out to change the way small companies in India are given credit when she was just 19 years old. Understanding the critical role that SMEs play and the challenges that they have while obtaining loans, Soptle was designed to close this gap. 

The firm wants to help small and medium-sized businesses (SMBs) be more financially stable, more operationally efficient, and more cash flow-optimized so they can compete in the market. It distinguishes itself by utilising cutting-edge technology to provide a range of funding options tailored to small businesses' various needs. The firm has come a long way in just two years, reaching an annualised Gross Loan Value (GLV) of $30 million.

Soptle offers carefully crafted financial solutions that are designed to meet the unique needs and repayment capacities of small businesses and shops. These consist of credit lines, invoice finance, and term loans. With no requirement for invoices or collateral, term loans from Soptle are perfect for companies wishing to make long-term investments like expanding operations or buying new equipment. 

Businesses may plan and expand thanks to this flexibility without having to worry about sudden financial strain. Another creative option is invoice finance, which allows shops to obtain a loan by using an invoice as security. This arrangement is especially helpful when a store has to buy items from a distributor but has limited cash. The platform from Soptle makes this procedure efficient and guarantees that money is given to the distributor instantly, preserving the flexibility of the supply chain. Lines of credit provide companies with a pre-approved credit line they can draw from as required, making them a flexible financing alternative. This makes it an affordable cash flow management solution by guaranteeing that companies only pay interest on the amount they utilise. 

The business takes a data-driven approach, using an AI-powered credit engine to evaluate risk and provide loans without collateral based on a variety of criteria, including distributor and brand history, bank transactions, and credit ratings. Soptle can provide SMEs with more individualised and easily accessible financial services because of its technology-driven approach. It states that it has amassed a sizable user base, comprising 17 businesses, more than 350 distributors, and alliances with five contemporary trade merchants. 

Soptle is expanding quickly, with monthly payments of Rs 32 crore and a yearly total of Rs 307 crore. Smooth loan disbursement is made possible by the company's affiliation with banks and NBFCs, and profitability and sustainability are guaranteed by its interest rate difference income model. 

Although competitors like Epaylater, Mintifi, Loantap, and Lendingkart are present in the startup's market, its distinct strategy and technologically advanced products help it stand out. In conclusion, the narrative of Soptle is about more than simply the ascent to success of a business; it's about facilitating the expansion and long-term viability of SMEs in India.