Tell us about REVV and the idea behind starting REVV.
The journey to Revv, began when Sameer catalyzed the acquisition of 1Click (Rishi’s previous startup) by Freshworks, Inc. Both Sameer and I have built products used by thousands of businesses, small and large. Managing multi-million dollars in revenue, we have seen first-hand how SaaS started replacing the expensive and complex enterprise software stack, in both user experience and cost of ownership.
As a result of the learnings from experience, it taught us that business owners must focus on their core business and leave the heavy lifting of business processes & tools to specialists. The key problem discovered was that the tools available are designed for large enterprises, are very expensive, and training heavy at one end. Or they are too simplistic and silo-ed at the other end.
A typical business today subscribes to 50+ business apps for day-to-day operations. Most software drives business processes through spreadsheets, documents, emails, chat, dashboards, APIs, and platforms. With Revv, we are trying to re-imagine the software essentials needed by a business.
Revv enables speed and consistency for business paperwork by providing a no-code document manager and a library of ready-to-use, professionally designed, and vetted document templates. Revv’s intelligence layer helps to understand business documents easily, while integration with CRMs, payment gateways, and Zapier help accelerate lead gen and closing processes.
With Revv, documents are smartly organized, shared, and eSigned in one central place so one can focus on the job. Revv’s machine learning helps get a holistic understanding of your paperwork.
Can you brief us on the Document management solution market?
Documents are the heartbeat of every business, small, medium, or large. The document market is made up of many categories: Content Services Platform, Content Collaboration Platform, Contract Lifecycle Management, Digital Signatures, Document Generation Platform, and Web Content Management. According to a recent report by ReportLinker, the digital signature market is projected to grow from USD 2.8 billion in 2020 to USD 14.1 billion by 2026. The Document Management System Market size was estimated at over USD 2 billion in 2016 and is predicted to grow at over 15% CAGR from 2017 to 2024.
Are you targeting any specific target audience/verticals for REVV document management solutions?
Revv is designed for use by - established business owners of professional services, solopreneurs, small businesses, agencies, consultants, freelancers, family businesses across different industries. Our ideal customer uses Microsoft docs or Google Docs for authoring, Gdrive, Box, Dropbox for document storage, and Docusign/digital signatures for closing. Our primary market is the US. But our bottom-up product-led sales attracts users from all over the world.
How does the company foresee the document management solution market in the next 5 years?
There have been many attempts to make documents human-readable and machine actionable. But with machine learning, we are finally able to make that a reality. At Revv, every document is human readable and shareable anytime on any device. Thanks to machine learning driven document extraction, every document is simply a one-click integration into different business apps like CRMs. At Revv we believe companies are going to stitch their processes using documents because the underlying API based integration is now simplified. Authoring, storage, integration all are solved by one platform and that will drive the market for document management solution.
We have 3000+ active companies in our product. These users can access and evaluate certain features of the product. They can request a plan upgrade and access the restricted features if it fits their requirement. The future plan is to create an easy to use platform that helps run business for over 1 million users. Our bottom up product led approach is engaging owner-operators across all industries. We want to increase the adoption of software to run a business that is driven by the ease of use of the product. Business document templates are a way to nudge that adoption. We continue to invest in templates aiming to be the largest repository of business templates on the internet.
What has been the impact of the lockdown on your business?
Businesses are seizing opportunities created by the weird coronavirus economy — an economy where people don't really want to do anything face-to-face. The world is going touchless and paperless. Also, with digitization rapidly converting every interaction into easy to use apps, eSignature is seeing adoption second to Zoom video calls. This is a trend which is going to be permanent even post-COVID.
The challenge is the steep learning curve in digital adoption by businesses. Turning on software plumbing for your business is no easy task and it’s very expensive. This is the opportunity for tech product builders globally to simplify digitization for the post-covid world.