SaaS Startup Fieldproxy Raises INR 2 Cr Seed Funding Round
Founded in 2020 by Swaroop Vijayakumar and Balakrishna B., Fieldproxy is a SaaS platform that provides a Web-based no-code builder that lets business teams build custom templates to streamline their interactions with the field teams
Chennai-based Fieldproxy, a no-code software-as-a-service (SaaS) platform for improving the productivity of field teams, on Monday announced that it has raised INR 2 crore as part of its Seed round. The current round saw participation from LetsVenture, 2am VC, magic.fund. Other angel investors like KRS Jamwal, executive director, Tata Industries; Ajit Deshpande, vice president of demand generation, Marqeta, Inc; Kushal Khandwala, director, KIFS Housing Finance Limited; Asad Daud, director, SAT Industries; Nilesh Patel, principal, Cisco Systems; Ketan Kothari, managing director, Sigma Byte; Shreya Rao, partner, AZB & Partners, and others also participated in the round.
“We are overwhelmed by the encouraging response to our funding round and the confidence investors have in our potential in creating the first no-code app builder for field teams. Flexible, no-code platforms are the future and have transformed the way many desks’ teams work. We intend to be at the forefront of this transformation for businesses in field-first industries such as field servicing, consumer goods, pharma, energy, and infrastructure,” said Swaroop Vijayakumar, co-founder, and chief executive officer, Fieldproxy.
Despite rising demand from an increasingly tech-savvy homeowner, business service providers have no visibility into their customers, contracts, payments, or field technicians. Fieldproxy helps these businesses by providing a convenient way for them to build fully functioning apps - without writing a single line of code - in order to simplify their workflow and manage their field force.
"As the first institutional investor in FieldProxy, we are delighted to see the response from investors. We believe that FieldProxy has a world-class solution to improve productivity for organizations with a field force. With its no-code platform, organizations can quickly implement the product and reap its benefits. FieldProxy has the capability to become a true leader in this space," stated Ninad Karpe, partner, 100X.VC.
Furthermore, over 53 per cent of frontline workers use consumer apps like WhatsApp and Google forms/sheets to get work done on a daily basis. This indicates not only an increasing need for consumer-first, enterprise efficient technologies to get work done but also a lack of alternatives among existing enterprise technology. FieldProxy has built a proven track record of catering to this unmet industry requirement, with reputed clients such as ITC, BIC, and Royal Haskoning DHV leveraging the company’s software to manage their field force, the platform said.
“COVID has accelerated multiple industries that we cater to. For example, today, due to COVID the time we spend at home has reached record highs and there is a need to ensure that our home life support systems are always running. There are 5 million home servicing businesses that ensure their field technicians are always available to keep these essential services up and running. These businesses are currently being managed through the pen, paper, emails, WhatsApp, and phone calls. We at LetsVenture are looking forward to working with Swaroop and his team who are working towards building a no-code SaaS platform that will enable businesses to manage a field servicing team,” shared Sunitha Ramaswamy, president, early-stage, LetsVenture.
“The digitization of our workforces is inevitable. Fieldproxy's low-code and mobile-focused approach makes it easy for even the oldest industries to adopt. The next 10 years is really going to be about the rise of the east. magic.fund is very bullish on India and SEA because of its large and young population that see STEM and entrepreneurship as a path to improve their lives and improve their home countries,” added Thomas Chen, general partner, magic.fund.
With around 65 per cent of business applications expected to be no-low code by 2024, Fieldproxy is primed for strong long-term growth, given the flexibility and wide range of application of its technological infrastructure, the company claims.
Fieldproxy had earlier raised INR 25 lakh as part of its Seed round from 100X.VC in March 2021 and was part of their class 04. The company has raised INR 2.25 crore to date.