Pune based SpiderG raises seed funding

SpiderG, Pune based SaaS startup has raised an undisclosed amount of funding in the seed round. The funding round saw the participation from a number of investors including Mahindra Doshi (LPK Securities), Pravin Dongre (Glencore Grain India), Adi Sravanan (Allsec Securities), Rahul Kirloskar (Kirloskar Pneumatic) and fusion tech Ventures.

SpiderG, started by the trio of Harshal Ingale, Ashwini Rathore and Prakash Nair in 2013, used to develop enterprising resource planning (erp) solutions to small and medium enterprises. Later in 2015, the product called SpiderG was launched by the team at Gladiris technology, the company behind SpiderG. The launched product is an e-invoicing product which makes it easier for the users to electronically generate the invoices and collect payments from the users and vendors. Along with that, the product also helps the users to understand the supply chain and manage that better with the provided solutions.

SpiderG, currently provides its services to over 350 customers and it plans to raise that number to 20,000 customers within this year. Also, the startup plans to raise its revenue from INR 1.5Cr in last fiscal to INR 22Cr in the coming fiscal.

Till date, it has raised over $150,000 in angel funding and planning to raise at least $5 Million from venture capital firms. It currently serves all sorts of customers from small Enterprises to big B2B businesses.

Speaking on the development, Adi Sravanan, one of the investors in the latest round, expressed his excitement to be a part of SpiderG and added that the team has achieved a lot of success in very less time span with very little money burnt. He further added that the team is moving ahead with a right vision and it’s going to be interesting to see the future.