COMPANY OVERVIEW

A book-keeping and payment platform that enables micro-merchants to collect their regular payments on time.

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PRODUCT IN FOCUS‍

The payment collection & disbursement app for micro businesses enables micro-merchants to collect their regular payments on time. With features such as smart reminders, view, pay and raise dispute options for payments and multiple payment options, auto receipt generation platform etc.  has been designed to meet the needs of numerous book-keeping and payment use cases. The platform has a built-in invoice tracker, customer’s ledger, with ability to link existing bank accounts, salary and vendor payment through the app.‍

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FOUNDERS DETAILS‍

Ashwani Kumar Singh Rathore, Co-founder & CEO, co-founded Abstracte Technologies before starting SpiderG. An MBA graduate from Asian Institute of Management and BTech from Motilal Nehru National Institute of Technology, he has worked with IndiaCo, Mom’s Kitchen Restaurants. and Cognizant.

Harshal Ingale, Co-founder & CTO, was also part of the team that co-founded Abstracte Technologies.‍

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REVENUE MODEL‍

SpiderG has a transaction and a subscription based monetisation model. In the former, it levies 1 percent of transaction charge on collection flat fee on payment disbursement. In the latter, subscription can be availed at Rs 1,999 a month for compliance related services as service, GST, TDS & PT return filing, CA services. In addition it also earns a small percentage fees on referrals on lending and invoice and as well as from banks for referrals for current accounts.‍

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TRACTION‍

The startup has raised Rs 5.6 Crores from VGA Ventures, LKP Securities & Angels. SpiderG

Has onboarded 10k+ micro businesses and currently processes more than 500K monthly recurring invoices. The platform has also enabled integration with ICICI, and DBS Banks.‍

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RIL ENGAGEMENT‍

SpiderG is working on the integration with Jio Payment Bank to provide their merchant base Jio Payment Bank’s current account offerings, which will provide the means to extend merchants with other financial services in the future.