The Future of Integration Is Real-time: Dr. Milind R.Agarwal, Quickwork
In an interview with BW Businessworld, Dr. Milind R. Agarwal, Founder & CEO, Quickwork, talks about company, integration, APIs and automation
What was the idea behind the launch of Quickwork?
We started in October 2015 to create a predictive performance management app in a conversational format. The decision to pivot from a predictive performance management app to an integration platform came to me in 2018 as a deep insight.
I discovered that our engineers had to spend considerable effort spread over many weeks to integrate our product with various applications like ERP, CRM, e-commerce, Analytics, HRMS and even messaging apps like WhatsApp and Facebook Messenger for our customers.
Further, this insight led me to explore with our customers whether integration was truly a pain point and an underserved area that required a simple solution that would be accessible to non-IT users.
Based on the insight and several customer interactions, we decided to invest in building out an integration platform which we eventually launched in July 2020.
How has been the journey so far?
Our journey so far has been an exciting one where we have become an enterprise ready company with our key milestone shown below -
2015 - Product: A predictive performance management app in a conversational format
2018 - Pivot: Build an enterprise-grade integration platform that is DIY and easy to use
2020 - Launched No code integration, API, and workflow automation platform
2021 - Launched Embedded integration and Embedded workflows platform
2022 - Launched On-prem workflows
2023+ - Working on some first-of-its-kind innovative features, currently being tested in stealth mode
Currently, 100+ enterprises across diverse industry verticals like banking, fintech, pharma, ecommerce, manufacturing, real estate, and others are solving integration and automation problems using Quickwork.
How challenging has it been for you?
Our key challenges have been educating enterprises about integration and cloud -
Enterprises lack awareness about how significantly large amounts of engineering time and effort are required to build and maintain native integrations. A powerful scalable platform for integration helps in scaling rapidly while keeping operational costs low.
Educating customers on cloud security, specifically for enterprises which are accustomed to using on-premise or desktop class software.
How does the platform work?
Like many other platforms, Quickwork allows a user to open a free account, using which they can create multiple integrations by connecting any of our 1,000+ applications to automate their business workflows. The integrations on Quickwork can span simple- and complex- workflows with business logic, branching conditions, error handlers, and much more.
With Quickwork, users can also build event-driven integrations which are triggered and executed in real-time,\ making it very useful for use-cases around messaging, chatbots, IoT and time-sensitive transactions.
The real-time event triggering and execution capability offers an API Management layer which can convert workflows into consumable APIs in a single click.
How many clients are you currently working with? What is the growth rate?
We are growing rapidly !
Currently, we are processing 150+ million transactions per month for 100+ enterprises in diverse verticals like banking, fintech, pharma, ecommerce, manufacturing, real estate, and others.
We are a horizontal SaaS platform powering many business use cases and workflow automation scenarios. Few case studies across verticals could be referred here - https://quickwork.co/case-studies
Who're your prominent clients?
Some of our prominent customers are - Axis Bank, Yes Bank, DMI Finance, FlexiLoans, Lupin, Alkem, Mankind Pharma, BIDCO Africa, Gupshup and Dawsons Group.
What is the revenue model of Quickwork? How much revenue has Quickwork generated so far?
Our pricing plans are offered in SaaS format as a subscription-based model. Revenue streams are through Subscription and Managed Support.
We intend to power the integration, automation, and digital transformation journeys of enterprises across industry verticals and global SaaS app product companies.
Our target is to cross ARR of $3 Million by December 2022.
What is the market size and how many competitors are there in the space?
The market opportunity for integration platforms is expected to exceed $9 billion in revenue by 2025 and will continue to grow. Some leading integration platforms are - Informatica, Dell Boomi, JitterBit, Workato, Tray.io and MuleSoft.
Has the startup raised funds so far. Please shed some light on future plans.
On funding, we have raised $3.21 Million in pre-series A rounds to date. We plan to raise a Series A round funding round soon to invest in business growth, global expansion and to accelerate our product roadmap.
About the future - our roadmap is defined by our customers and we continue to listen to our customers carefully to improve our platform.
We believe that our platform offered in SaaS- and Embeddable- formats will power the integration, automation, and digital transformation journeys of many growing and large enterprises across industry verticals and SaaS app product companies all over the world. Quickwork platform usage is growing exponentially – performing over 10 Billion app transactions annually.
This year we will surface a first-of-its-kind innovation on our platform, which will immensely benefit many enterprises struggling to maintain and manage their legacy systems; currently, this innovative feature is under testing in stealth mode.
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