The principal financial institution SIDBI (Small Industries Development Bank of India), which aimed to aid the growth and development for micro, small and medium-scale enterprises (MSME) has invested an undisclosed amount in Gurugram-headquartered SaaS (Software-as-a-Service) platform FieldAssist.
Earlier, FieldAssist had raised Rs 50 lakh in its first round of funding from SIDBI.
According to the company, the latest proceeds will be used in research and development to strengthen its artificial intelligence and machine learning offerings, reported VCCircle.
Owned and operated by Flick2Know Technologies Pvt. Ltd, FieldAssist was founded in 2014 by ISM Dhanbad alumni Peeyush Jain, Apurv Gupta, Divir Tiwari and Paramdeep Singh. It helps FMCG companies track and manage their field force and sales processes, besides automating the entire process of taking orders. It also offers analytics to enable companies make intelligent decisions.
“The rate at which the retail industry is growing in India, it is imminent for companies to adapt new technologies in order to streamline operations. We are investing a lot in enabling artificial intelligence on our existing platform. We are also paving the way for a new sales mechanism which will give more power to salespersons,” said CEO, Paramdeep Singh.
In June 2010, Flick2Know got incubated at CIIE, IIM Ahmedabad (A premier start-up incubator) with funding from MSME, India and Setu Ventures and launched a QR Code marketing SaaS platform for brands.
Unlike 1-D barcodes, QR codes can provide much more information like redirecting to a WAP site, adding a contact or dialling a number when scanned. Also QR codes can be easily scanned using a mobile app and hence become versatile in use as compared to traditional 1-D barcodes. Greater use comes when used along with print media to deliver useful information to the consumers.
The startup team focused their energies on building a marketing platform that took advantage of the innovative QR (Quick Response) codes. Being first end to end QR codes solution provider, Flick2Know became well recognized name in QR codes marketing domain and did more than 250 campaigns as of now, claims the company’s website.
FiledAssist was selected for the Start-up Chile programme and had received a grant of $40,000 in January 2014. The SaaS firm was considered by FaceBook for the FbStart programme in Bootstrap track.