Gladiris Technologies, the firm behind e-invoicing platform SpiderG, has raised an undisclosed amount in 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.
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.
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.
“The SpiderG team has a varied and in-depth experience,I am impressed with what SpiderG has achieved in a 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.”
said Adi Sarvanan, president at Allsec Technologies.
Rathore said the funds raised would be used primarily for enhancing the existing product and acquiring more customers.
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.