The idea of SpiderG
, an e-invoicing technology provider for SMEs, was born in early 2015 out of a need to solve invoicing problems of SMEs. This start-up was founded by a team of 3 youngsters Ashwani Rathore, Prakash Nair and Harshal Ingale with a common aim of bringing about a change in the way big or small organizations conduct business with each other. Pune-based SpiderG, owned by Gladiris Technologies, is an enterprise SaaS product launched in early 2015 providing real time actionable insights to users about their business, and their transactions with buyers and suppliers. The company has secured an angel investment round of $ 40 K in April 2015 and is looking to raise venture capital of around $ 5 million in the current year.
Ashwani Rathore, Co-Founder & CEO, SpiderG,
is responsible for Finance, Marketing and Hiring processes. An ardent finance and marketing professional, Ashwani is well versed with the finance and marketing segments related to SMEs. A B.Tech from National Institute of Technology (NIT)- Allahabad and an MBA (Finance) from Asian Institute of Management, Manila, he started his career in 2005 with IT major Cognizant, and then worked for a product company Talentica Software. In 2007, Ashwani incepted “Moms Kitchen”, a food e-commerce and aggregator and ran it for 3 years. After this venture, he worked for Venture Capital firm IndiaCo Ventures Ltd where his role was deal evaluation for investments. He also holds prior experience as a Business Consultant for Goldman Sachs and ISB-Hyderabad 10k women entrepreneurship program before starting the venture SpiderG. Ashwini in conversation with Anil Mascarenhas of IIFL….
How and when the idea about SpiderG came to your mind?
SpiderG is 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.
Our parent company Gladiris Technology was started in December 2013 and started selling open source Enterprise Resource Planning (ERP) software to Small and Medium Businesses. The company was successful in ERP implementation in over a dozen companies but working with these companies and interaction with entrepreneurs revealed that certain problems were left unaddressed. We realized that key issues faced by SMEs cannot be solved only through ERP software alone and after deep research of 6 months; we came up with SpiderG in early 2015.
Can you elaborate the pain point and how SpiderG helps address it?
According to a study, Indian companies deal with approximately 11 billion invoices in a year. The receiving, approval, and reconciliation processes create a paper trail of invoices that are passed from one department to the other for approvals and clearances. Owing to the massive number of invoices and manual processes, businesses constantly face issues with lost bills, double payments, missing credits, miscalculations of overall expenditure, storage of thousands of invoices and the uncertainty of whether an invoice has been paid or not. SpiderG streamlines external and internal communication, helps better track and manage receivable and payables.
SpiderG has recently launched an e-invoicing app for SMEs. Tell us more about it?
SpiderG App is a one stop solution for 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 ERP or accounting software. Users can share all transaction data with their owners, general managers, accountants, purchase and finance teams, ensuring clean reconciliation of all transactions. E-Transactions, Doc-Chat, Cash-Cal, Activity stream, Expense Recorder, Dashboard are the key features of the app that a user can access.
Most companies in India are hassled with processing paper invoices that led us to develop SpiderG, an app to simplify invoicing for SMEs. As mobile devices become more and more integral in our users’ everyday lives, our app enables them to exchange invoices, purchase orders and other documents with vendors and relevant stakeholders. Our aim is to provide SMEs with a seamless network to help them in improving cash visibility and management. Our product is unique and user friendly, integrating the technology used with existing systems like Tally.
Keeping in mind the sensitivity of the issues faced in monitoring accounts, the app brings to its users a transparent medium of managing their transactions and allocating resources accordingly.
How is SpiderG different from other tech start-ups in the country?
The USP of the SpiderG is pretty evident. It offers Cash visibility via CashCal, compatibility with existing systems like Tally and SAP, allows user to chat over transacting documents like invoice and provides visibility on the go through Activity stream. One user per company is exempt from all charges.
What do you feel about the current start-up ecosystem in India? Where is it headed?
We are delighted with the announcements made by our Government towards the start-up India, Stand-up India initiative. It will give much-needed thrust to the Indian start-up ecosystem and will add to the ease of doing business in India. Liberal and friendly economic policies pertaining to taxes, registration and foreign investment proposal will help businesses.
Media played a vital role by covering start-ups which caught the attention of people outside the start-up system. 2016 is expected to witness a good number of entrepreneurs entering the enterprise space. Introduction of GST could see many start-ups entering the enterprise space since taxation rules would be a lot easier to understand and incorporate in the application. We would see more start-ups coming up with easy to use ERP, CRM & accounting software.
What are your immediate growth plans?
We hope to raise venture capital of around $ 5 million. On the tech front, we will have plug-ins in place for Oracle and SAP four months down the line. Most small American companies use QuickBooks as an accounting software. We are planning to roll out a plug-in for that by August. On the promotion front, we are planning 20 road shows in India with an aim to get close to 10000 SME customers on-board by the end of this year.