SpiderG is a platform where Small And Medium Scale Enterprises can communicate and transact with customers or vendors to enhance their business
Now a days, the major problem that SME’s(Small and Medium Scale Enterprises) are facing is working capital mismanagement, which arises due to lack of information about one’s own business and its transactions with customers and vendors. SpiderG is a platform where businesses have the transparency about the suppliers and customers so that they can get information about their business and their supply chain.
SpiderG – Eureka Moment
Initially the co-founders started as a strategy consulting and ERP implantation company targeting SME market but after consulting number of SMEs. The biggest problem that they found the SME’s were facing is not to achieve operational efficiency but working capital problem. So they thought it would that it would be better if they focus more on the capital mismanagement by the SME’s and that’s how SpiderG was born.
According to the statistics Indian companies deal with approximately 11 billion invoices in a year. The receiving, approval, and reconciliation processes creates 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.
This leads to the inception of SpiderG which streamlines external and internal communication, helps better track and manage receivable and payables.
A Brief About The Co-Founders
The Co-Founders had a common aim of bringing about a change in the way big or small organizations conduct business with each other.
- Ashwani Rathore, CEO & Co-Founder, SpiderG (35 years old): He completed his B.Tech from National Institute of Technology (NIT) in Allahabad and MBA in Finance from Asian Institute of Management, Manila. He worked with IT major Cognizant, and then a product company Talentica Software. It was there that he got tempted to the prospect of being in absolute control of his life. In 2007, this idea came into reality and “Moms Kitchen”, a food e-commerce and aggregator venture got formed. He successfully ran it for three years and sold it off before starting with SpiderG.
- Harshal Ingale, CTO & Co-Founder, SpiderG (29 years old): Harshal is an Electronics Engineer from VIT Pune University. He was in the 2nd year of engineering, where he researched in VLSI microprocessor designs that produced one of the few working asynchronous microprocessors in the world. 5 patents are in process for the work done. Prior to SpiderG as a Co-Founder, he started Abstracte Technologies, a semiconductor start-up focused on research and commercialization of advanced VLSI design techniques. He has over 9 years of experience in software and design techniques, a large part of his experience is involved in identifying and providing unique technologies for the SME’s.
Uniqueness Of SpiderG
There are many ERP(Enterprise resource planning) and invoicing related solution providers but they are not dedicated to the entire Universe of SMEs but for specific segments/sectors. SpiderG targets entire universe of SMEs across the globe irrespective of their industry/sector. It provides completely different value proposition which an existing player provides.
SpiderG follows freemium model thus core features can be accessed without any upfront payment. One user per company get complete and free access to all SpiderG features.
As of now the majority of the features offered by the application are free as the focus is on building more traction and getting businesses used to using the technology. There are a few add-on features like the Dashboard and Cash-Cal that are subscription-based and give SpiderG some revenues.
The amount raised so far is approximately $150,000. Their plan is to add a lot new features to the application and there are also plans to tap the international markets, for which funding will be required. They will be raising a pre-Series A of around $5 million and then go for one more round of funding. Two years from now we will see SpiderG expanded in other geographies like US, Philippines and Middle East. SpiderG is planning to roll out a plugin for QuickBooks which is used by most of the small American companies as an accounting software. The future prospect of SpiderG is to establish itself in the league of Google, Facebook or Oracle in 10 years’ time frame.