No-code SaaS platform Fieldproxy witnessed its overall scale of FY23 dwindling 12% to Rs 14.4 lakhs as compared to its preceding fiscal’s Rs 16 lakhs.
A similar drop was seen in its revenue from operations. FY23 generated over Rs 14 lakhs through operations, a stark drop from Rs 16 lakhs generated in FY22.
Headquartered in Chennai, Fieldproxy helps field servicing companies digitize their processes to better manage their on-ground technicians.
It provides a web-based-no-code builder that helps businesses build custom templates to streamline their interactions with their teams on field. It claims to have worked with clients like ITC, BIC and Royal Haskoning DHV.
The Swaroop Vijayakumar and Balakrishna Balasubramanian founded platform spent over Rs 38 lakhs on advertising and promotional activities in the fiscal year ending March 2023. While employee benefits cost more than Rs 36 lakhs, a roll of other expenses cost up to Rs 12 lakhs.
The total expenditure for the fiscal year shrunk to Rs 88.26 lakhs, a 44% downscale as compared to FY22’s Rs 2 crore.
The eight year old company secured over Rs 5 crore in its extended Seed round held in 2022. The round was led by Y Combinator and also saw support from the likes of Mars Shot Ventures, LetsVenture, and 2am VC.
Post the infusions of the raised amount, 100X VC held over 5% and founders Swaroop Vijaykumar and Balakrishna Balasubramanian held an equal share of more than 35% of the company’s shares.
A year prior, the firm had raked in Rs 2 crore led by the likes of Magic Fund, LetsVenture, and 2am VC. The round also saw participation from angel investors.
The company cut its losses to Rs 73.85 lakhs in FY23. The number dropped almost 49% from FY22’s Rs 1.4 crore. Its current EBITDA and ROCE stand at -504.55% and -153.70% respectively.