Pune-based Gladiris Technologies that launched its free e-invoicing app SpiderG earlier this year has raised an undisclosed amount of seed funding from a group of investors.
The investors include Rahul Kirloskar, chairman at Kirloskar Pneumatic; Fusion Tech Ventures, the investment arm of Praj’s Pramod Chaudhary; Adi Saravanan, president of Allsec Technologies; Pravin Dongre, CEO at Glencore Grain India and Mahendra Doshi of LPK Securities.
The idea of SpiderG, an e-invoicing tech provider for SMEs was born in early 2015, out of the need to solve problems of Indian SMEs related to their invoicing. This startup was founded Ashwani Rathore and Harshal Ingale with the common aim of bringing about a change in the way big or small organizations conduct business with each other.
SpiderG is a SaaS product which provides real-time actionable insights to users about their business, and their transactions with buyers and suppliers get information about receivables, payables, and other business activities within the organization, while seamlessly integrating with the existing ERP or accounting software.
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 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.”
Rathore said the funds raised would be used primarily for enhancing the existing product and acquiring more customers.
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 INR 2 Cr. by then. In 2016, however, company is aiming at raising venture capital of almost $5 Mn.