VC Hendra Kwik Participates in No-Code Fieldproxy SaaS Startup Funding
SaaS startup developer platform no-code Fieldproxy announced the receipt of pre-series A funding of $750 thousand (approximately 11.2 billion Rupiah). This round was led by Y Combinator (W22 Batch), followed by other investors, namely Number Capital, Mars Shot Ventures, Kevin Moore, and Abheek Basu.
Previous investors, such as LetsVenture, 2am VC, magic.fund, and angel investors from a number of companies in India participated in the capital investment.
Number Capital and MAGIC are venture units that are also helmed by Hendra Kwik, otherwise known as the founder of Payfazz. At Number Capital he acts as Founding Partner, while at MAGIC as LP and Partner.
So far the company has raised $1.05 million. The fresh funds will be used to increase go-to-market (GTM) efforts.
Founded in 2020 by Swaroop Vijayakumar, IIM Kozhikode alumnus, and Balakrishna B, BITS Pilani alumnus in India, Fieldproxy provides a web-based codeless platform that enables businesses to streamline and simplify their internal interactions with field teams in industries such as services, consumer goods, pharmaceuticals, energy, or telecommunications.
Razorpay Co-Founder & Partner of Mars Shot Ventures, Shashank Kumar said, “We are delighted to be able to support FieldProxy to realize their vision of enabling easy field force management.”
“Efficient field force management is a huge opportunity across the industry and we believe that FieldProxy is in a strong position to disrupt the industry through their no-code platform and using case-based templates,” he said in an official statement, Wednesday (13/7).
Hendra Kwik’s Explanation about this Investment
Number Capital Founding Partner Hendra Kwik said, Fieldproxy is Number Capital’s first investment in India. We are honored to partner with Swaroop, Balakrishna and team to build “Salesforce for Field Teams” in India.
His team believes in the thesis that India will create many large SaaS startups with strong potential for global market expansion, given that the country is now known as a producer of SAAS.
“Next, the large market share due to inefficiency, and the potential for global market expansion after India’s dominance, are the three main reasons why we decided to invest in Fieldproxy,” said Hendra.
According to Hendra, Chennai-based Fieldproxy, a location with a NASDAQ-listed Freshworks base of operations, brings high optimism that Fieldproxy will follow Freshworks’ success in the years to come.
“Field team management is a very large market but it is still very inefficient, disorganized, manual and highly dependent on pen and paper. Fieldproxy’s zero-code software approach will increase the efficiency of field teams and help companies save billions of dollars,” he added.
Commenting on the fundraising issue, Fieldproxy Co-founder & CEO Swaroop Vijayakumar said that his party was pleased that a number of world-class investors had joined.
This is because they were able to raise the funds needed to accelerate Fieldproxy’s dream to transform the first field industry by providing top quality, powerless solutions without code to millions of businesses.
“After we scaled up our GTM efforts, Fieldproxy not only aims to serve more enterprise customers, but is also working to increase its library of ready-to-use templates to help businesses join forces and build cutting-edge solutions in minutes,” said Vijayakumar.
Fieldproxy’s No-Code Solution
According to data cited by Fieldproxy, global demand for technology-based solutions is increasing among the 5 million business owners in the field who lose about 20% of their revenue.
The reason is due to inefficient processes and lack of visibility to their customers, contracts, payments or field technicians. Fieldproxy’s codeless platform helps these organizations protect their revenue and grow their business.
The no-code approach to managing field teams is an industry first and helps traditional businesses in the industry.
Fieldproxy Co-founder & CTO Balakrishna B stated, “It is like FMCG, pharmacy and field services, deploying applications quickly to streamline their workforce in the field without the added expense of running and managing separate development teams. This helps them focus on their core business.”