TMCnet News
Top-notch Industry Leaders Invest in Tech Start-up SpiderGPUNE, India, June 23, 2016 /PRNewswire/ -- India's largest E-invoicing platform for SMEs, SpiderG, a Pune based start-up, raised seed capital by top industry veterans, Mr. Rahul Kirloskar, Executive Chairman, Kirloskar Pneumatic Company Limited; Fusion Tech Venture, Mr. Pravin Dongre and Adi Sarvanan, Founder and 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 bggest 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 the B2B SME space and we are rightly placed to gain a significant market share. Our mission is to create a network for companies where they can interact with each other and thus leading to the formation of a network in the process. The way Facebook has done for individuals, we intend to the same for businesses. We are honoured that Mr. Rahul Kirloskar, Mr. Dongre and Mr. Saravanan have chosen to invest with us which have definitely boosted our confidence. We look forward to gaining valuable inputs and support from both the industry veterans," says Ashwani Rathore, CEO and Co-Founder, SpiderG. Adi Saravanan, Founder and 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 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 a 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 crore 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, the company is aiming at raising venture capital of almost $5 million. About SpiderG: The idea of SpiderG, an E-invoicing technology provider for SMEs was born in early 2015, out of the need to solve problems of Indian SMEs related to their invoicing. This start-up was founded by 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. There are close to 350 different companies using the SpiderG platform to do E-transactions, collaborate and get on-the-go visibility. For more information, please visit: http://www.spiderg.com/#/ Media Contact: 
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