Eka raises $10 Million from Nexus Venture

By Devarchit Varma
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Bangalore: Eka Software Solutions, a Bangalore based commodity and risk management software provider has received $10 million from Nexus Venture Partners. "We have all the necessary platforms required for growth and operations. We bring in the funding to expand in the emerging markets, explore new dimensions in energy and technology segments and to enrich our R&D initiatives," said Manav Garg, CEO and Founder, Eka Software Solutions. Focusing on the emerging markets like India, China and Brazil, the company will expand R&D initiatives in areas like crude oil, coal, agriculture, metal and ethanol along with energy and technology. The company plans to foray in providing financial services through its software product which currently serves the companies dealing in physical commodities by enabling them assess the stocks, deal commitments, determine average prices and helps to ascertain the perfect time for fixing the price of the deal. The company has large part of business in Europe and North America, but has a small market in India because the trading houses still practice traditional methods and use excel sheets for keeping the account. "The scope of software like commodity risk management is higher in Europe and North America, and compared to this India has a less market," said Shobit Mathur, Vice President, Global Presales, Eka Software Solutions. With this funding, the company will introduce its software in emerging economies like China and India. "The amount generated may also be used for acquiring the companies who have a significant client base but falls behind in the technology. As an organization, we want to remain concentrated on product development, and aim to become a $300 million company in the next five years," said Garg. Sandeep Singhal of Nexus Venture Partners will join Eka's board of directors as per the agreement. "Eka Software Solutions is a company with a product mindset with service elements around it. It has a product which solves customer pain areas. The company seems well positioned in providing commodity risk management solutions to the global market, and we are looking at a 5-7 year's holding," he said. The company was recently selected among the top 10 emerging software companies by NASSCOM.

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