SaaS startup FieldAssist raises debt funding from SIDBI

Gurgaon-based retail tech start-up FieldAssist that provides sales force automation services, has raised undisclosed amount as debt from SIDBI, who earlier backed the startups with Rs 50 lakh in 2015.

SaaS startup FieldAssist raises debt funding from SIDBI

As per the company statement, the raised funding amount will be used for the R&D of introducing AI and ML in the existing FieldAssist platform.

FieldAssist is founded in 2014 by graduates from IIT Dhanbad, Apurv Gupta, Divir Tiwari, Nikhil Patwari, Peeyush Jain and the CEO Paramdeep Singh who has wide experience in FMCG domain. The startup was selected in 9th batch of Start-up Chile and the seed grant of $40K.

Backed by CIIE, FieldAssist is a leading sales force automation suite used by over 15K sales persons in retail industry. The startup claims to have more than 100 customers comprising clients from retail industry including RJ Corp, Everest Spices, Del Monte, Raymond, Mahindra and Mahindra, Alkem Laboratories.

Commenting on funding, Paramdeep Singh, CEO said “The rate at which retail industry is growing in India, it is imminent for companies to adapt new technology to streamline operations and thus FieldAssist is witnessing the exponential growth at present. We’re investing a lot in enabling AI in the existing platform while will pave way to a new sales mechanism giving more power to salespersons.”

Earlier this year, the startup has been considered by FaceBook for its FbStart program in Bootstrap Track. In addition, FieldAssist was also part of DST (The Department of Science and Technology), Government of India (GOI) and Global Venture Alliance (GVA) sponsored ‘India Russia Bridge for Innovations’ (IRBI) accelerator program in 2016 in Russia. The select start-ups were in the areas of medical devices and applications, energy, IoT, Education technology and retail technology.

SEE ALSO: Infibeam’s investor LTS Investment Fund sells 363,000 shares for Mn

SEE ALSO: Affordable storage solution provider BoxMySpace raises fund in pre-Series A round

SEE ALSO: Gautam Kaushik appointed as the new CEO of PAYBACK India