Vika is a Chinese startup that provides digitization solutions for businesses in multiple business contexts. He created a simple interface based on spreadsheets and other tools to enable businesses and teams to collaborate more effectively and reduce operational overheads.
Vika was founded by Kelly Chen in 2019. In his previous job as CTO of a consumer brand, Chen found that every time companies made the decision to digitize the workplace, they bought a plethora of products. SaaS for different purposes. However, after investing a lot of time and money, the costs remained high as the expense was simply passed on to the IT department or to third-party vendors who maintained the systems. Additionally, cross-platform collaborations are often inefficient, especially when multiple vendors are involved.
Chen found that most businesses still use Excel sheets to store their most valuable data and manage customer relationships, teamwork, and human resources. As more companies move their work to cloud-based services and seek to integrate low-code and no-code solutions into their digital transformations, they need a new tool that is conducive to a way of doing business. more efficient work.
In April 202o, the company launched its flagship product, Vikasheets. It is a team collaboration and project management tool that turns two-dimensional spreadsheets into multidimensional spaces where files and APIs can be integrated directly into sheets. Vika wants to make data more accessible in collaborative working environments, by combining visually appealing spreadsheets with the power of databases.
As the name suggests, the essence of Vikasheets is to simplify the complex SaaS software of the past to be as flexible and easy to use as Excel, by eliminating the way a business works with repetitive overlays of various SaaS software, âChen said.
Vikasheets has added a powerful toolkit for users to customize their workflows in areas such as customer relationship management, project management, e-commerce operations, human resources, and inventory tracking. For example, Vika allows e-commerce companies to integrate the sales volumes of different e-commerce sites, which allows sales representatives to monitor and evaluate the movement of goods in real time.
Like Lark, Dropbox, and other work tools, Vikasheets offers a basic free version and earns revenue through subscriptions for more advanced features and services. It plans to offer diversified premium models in the future: invoicing API services according to the volume of data and support for a privatized deployment. The company has racked up seven-figure revenues since early 2020, in part thanks to the paid features of the beta version of Vikasheets, the lion’s share of revenues coming from digital consulting services.
Vika has seen demand increase during the pandemic. Its product is now deployed in 9,000 organizations in 14 countries, including the big names Xiaomi, Tencent Entertainment Group and Ping An Bank. About 50% of its customers are medium and large companies with turnover exceeding 100 million.
Investors took note. In September 2019, Vika raised an eight-figure funding round led by IDG Capital and Tiantu Capital. In early 2020, she raised another multi-million dollar investment from 5Y Capital.
According to data from Gartner, the global low-code enterprise tools industry is worth $ 13.8 billion in 2021, up 23% from 2020. Researchers estimate that 65% of applications will be developed at the using platforms without code. In China, cloud-based low-code and no-code programming services are still in their infancy, reflecting enormous potential for growth.
The worksheets are blank slates. They are two-dimensional grids that support the many systems of our economies. There is no doubt that companies like Vika have a bright future as they build bridges that benefit workers and businesses in a game-changing way.
Vika was one of the ten finalists for the Alibaba Cloud x KrASIA Global Startup Accelerator Hong Kong Demo Day held on December 14. based on high performance computing capabilities.