E-Invoicing Startup SpiderG Raises Seed Funding

Pune-based Gladiris Technologies that launched its free e-invoicing app SpiderG, has raised an undisclosed amount of seed funding from a group of investors.

Rahul Kirloskar, chairman at Kirloskar Pneumatic; Fusion Tech Ventures, the investment arm of Praj’s Pramod Chaudhary; Adi Saravanan, president of Allsec Securities; Pravin Dongre, CEO at Glencore Grain India and Mahendra Doshi of LPK Securities participated in this round of funding.

Gladiris Technology was founded in 2013 by Ashwani Rathore, Prakash Nair and Harshal Ingale and sold open source Enterprise Resource Planning (ERP) software to small and medium businesses. It launched an enterprise SaaS product SpiderG in early 2015 as a platform for businesses to electronically transact and communicate with their vendors/suppliers and customers, and get actionable information about business and their supply chain.

It currently serves around 350 businesses and plans to scale the count up to 20,000 in a year. SpiderG also plans to take its revenue from INR 1.5 Cr to INR 22 Cr by the end of this year.

The startup has raised angel investments of worth $150K till date. In 2016, it is however planning to raise venture capital of almost $5 Mn. Also, earlier this year, SpiderG launched its free e-invoicing app for SMEs to help them with quicker, easier and more comprehensive platform to manage B2B transactions, B2B communication, and AR & AP management.

Adi Sarvanan, Founder & President of Allsec Technologies, “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 product for the global market and I am excited to be the part of this journey.”

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