Eka Software Solutions, a multi-commodity trade and risk management solutions provider, has received a funding commitment of US $10 mn from Nexus Venture Partners. The startup had earlier been seed funded by the GP Group, a conglomerate with interests across shipping, manufacturing, real estate development and hospitality.
“Eka is very well positioned to take advantage of the growing need for commodity trade and risk management software
. Our products, technology and team are highly regarded in the market, and the rapid expansion in our customer base is testimony to this. The new funding will allow us to further enhance our technical, support and sales capabilities, and help capitalize on current opportunities to accelerate our growth,“ said Manav Garg, founder & CEO, Eka Solutions.
The firm's products have been deployed by some of the major players in the global commodity market, enabling them to better manage their operations in complex, volatile, 24×7 global markets.
The offerings help buyers, sellers and traders of commodities better manage their business across physical trading, risk management, derivatives, logistics, inventory and P&L. Eka’s clients include AWB, CHS, Louis Dreyfus and others who have deployed its products across a cross section of businesses, commodities and geographies. Eka was recently selected by Nasscom, India’s premier trade body and the chamber of commerce of the IT-BPO industries, as one of India’s top 10 emerging software companies.
“Our investment in Eka reflects the high degree of confidence we have in the management of the company and the soundness of the business model,” says Sandeep Singhal of Nexus Venture Partners, who will join Eka’s Board of Directors.
“Eka has created a product that solves real customer pain area. Given the high demand for sophisticated products that meet complex risk management requirements of firms in the global commodity markets, Eka is very well positioned for greater success. We now look forward to working closely with the team to help take Eka to the next level.”
Eka has 200 plus employees already who caters to clients across a cross section of commodities, segments and sizes, including global giants like Louis Dreyfus, Noble, AWB and CHS.
Nexus Venture Partners is one of the top VC firms in India focused on investing in innovative early to growth stage companies with a strong India connection. It has recently been named as one of only two firms from India in the Red Herring Top 100 Global Venture Capital firms.
Started in 2006, Nexus Venture Partners is a group of successful entrepreneurs with extensive investing experience in entrepreneurs in India and globally.
With funds of $320 million under management, Nexus has an active portfolio of over 20 companies. Nexus invests in companies across sectors – technology, consumer services, media, energy, agribusiness, outsourced services, internet and mobile. Some of the companies that Nexus has invested in include Komli (Internet ad network), Suminter (Organic farming), Dlight (Solar Lights), Kirusa (Voice SMS), DimDim (Open Source Web Conferencing), Mapmyindia (Digital Navigation), Unicon (Financial Services) and Netmagic (Internet managed service provider). Investors in Nexus include leading university endowments,foundations and sovereign funds.
Source: Economic Times