India’s largest e-invoicing platform for SMEs, SpiderG, a Pune-based start-up, has raised seed capital by top industry veterans including Rahul Kirloskar, Executive Chairman, Kirloskar Pneumatic Company Limited; Fusion Tech Venture, the investment arm of Praj’s Pramod Chaudhary; Pravin Dongre, CEO at Glencore Grain India and Adi Sarvanan, Founder & President Allsec Technologies.
SpiderG is a SaaS product which provides real time actionable insights to users about their business and their transactions with buyers and suppliers. SpiderG is helping SMEs to avoid its capital mismanagement and improve their cash visibility. It exchanges smart invoices, purchase orders and other documents. It has organized communication with other businesses as well as internally over specific transactional documents.
With mobility and cloud acceptance in enterprises, SpiderG helps businesses to electronically transact and communicate with their vendors/suppliers, get information about receivables, payables, and other business activities within the organization, while seamlessly integrating with the existing ERPs like SAP or accounting software like Tally.
There are about 50 million small and medium businesses in India which deal with approximately 11 billion invoices in a year, but the common problem amongst them is that they are drowning under the paper trail for tracking their finances. Currently, the biggest problem for SMEs is working capital mismanagement, which arises due to lack of on- the-go information into one’s business and its transitions with customers and vendors.
“It’s a multi-billion opportunity in B2B SME space and we are rightly placed to gain a significant market share. Our mission is to create network for companies where they can interact with each other and thus leading to formation of network in the process. The way Facebook has done for individuals, we intend to the same for businesses. We are honored that Rahul Kirloskar , Dongre and Saravanan have chosen to invest with us which have definitely boosted our confidence. We look forward to gain valuable inputs and support from both the industry veterans”, said Ashwani Rathore, CEO & Co-Founder, SpiderG.
Adi Saravanan, Founder & President, Allsec Technologies, said, “SpiderG team has a varied and in-depth experience. I am impressed with what SpiderG has achieved in a short span of time with a very low cash burn. It is good to see companies like this building innovative products for the global market and I am excited to be the part of this journey.”
SpiderG currently serves around 350 businesses and wants to take that count up to 20,000 in a year, while also taking its revenues to Rs 2 cr by then. E-invoicing is its core offering while it also has specific features that help with various stages in the transaction cycle. In 2016, however, company is aiming at raising venture capital of almost $5 million.