Retail tech start-up FieldAssist has announced that it has raised a new debt funding round from SIDBI. However, the company has not revealed any financial details related to the funding round.
The newly raised capital will be used by the Gurgaon-based company for the R&D, and introduction of artificial intelligence and machine learning in the existing platform.
This marks the second successful fund raising activity for the company. Earlier, FieldAssist had managed to raise its first round of about ₹50 lakh from SIDBI in the year 2015.
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.
FieldAssist is is a part of Flick2Know Technologies, which was founded in the year 2014. The company was selected in 9th batch of Start-up Chile and also received seed grant of $40,000 from the program.
The founding team of the company comprises of graduates from IIT Dhanbad, Apurv Gupta, Divir Tiwari, Nikhil Patwari, Peeyush Jain and the CEO Paramdeep Singh who has wide experience in FMCG domain.
Earlier this year, FieldAssist has been selected by FaceBook for its FbStart program in Bootstrap Track. In addition, the company was also the 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.
Backed by CIIE, the startup is a leading sales force automation suite used by sales persons in retail industry comprising clients from retail industry including RJ Corp, Everest Spices, Del Monte, Raymond, Mahindra and Mahindra, Alkem Laboratories, among others.