VC Hendra Kwik Participates in No-Code SaaS Startup Funding “Fieldproxy”

Platform developer SaaS startup no codefieldproxy announced the receipt of pre-series A funds 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 equity participation.

Number Capital and MAGIC is a venture unit that is co-headed by Hendra Kwik, otherwise known as founder 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 efforts to market (GTM).

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

Founding Partner Number Capital Hendra Kwik said that 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, Fieldproxy Co-founder & CEO Swaroop Vijayakumar said, "We are delighted to have a number of world-class investors join forces and raise the funds needed to accelerate Fieldproxy's dream to transform the first field industry by providing top quality, powerless solutions for millions of businesses. .

“After we ramped 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.

Solution no code from Fieldproxy

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 for this 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.

Fieldproxy Co-founder & CTO Balakrishna B stated, “The no-code approach to managing field teams is an industry first and helps traditional businesses in industries such as FMCG, pharmaceutical and field services, deploy applications quickly to streamline their workforce in the field without additional costs of running and managing a separate development team. This helps them focus on their core business.”

Separately, when contacted DailySocial.id, Vijayakumar said, although the head office is in India, his party has established business cooperation with several SMEs in Indonesia. Going forward, in the next 12-18 months, the company's focus will be on expanding to the Southeast Asia region, including Indonesia.

“We chose this because this market is very similar to India. This is especially true in the industries in which we operate - consumer goods, pharmaceuticals and home service rooms where most operations are still run via WhatsApp or pen or paper and not in digital form," he concluded.

Potency no code

In Indonesia, platform developer startups no code, there are already some present. They are typedream and Feedloop. The convenience offered makes the no-code platform, or often also called low-code, growing rapidly. In the global arena, currently there are many SaaS-based platforms that offer similar capabilities for various specific needs.

According to the findings of the Appinventiv survey, services no code much in demand by business people because it makes it easier for them to innovate and transform. As is known, businesses are required to agilely carry out digital transformation by go-online. The manual development process can take a long time for companies just starting out, as they have to go through many stages, from planning to recruiting programming experts.

This potential brings the market value of these services to $45,5 billion by 2025. The existing platform variants not only facilitate the specific needs of large companies, but also for MSMEs who want to increase their online presence or minimize friction in their operational activities.