BWI: Eka Secures US$10 million in Funding from Nexus Venture Partners

Press release from Business Wire India
Source: Eka Software Solutions Pvt Ltd
Wednesday, October 07, 2009 06:41 PM IST (01:11 PM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Information technology; Technology
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Eka Secures US$10 million in Funding from Nexus Venture Partners


Bangalore, Karnataka, India, Wednesday, October 07, 2009 -- (Business Wire India) -- Eka Software Solutions, a leading global provider of multi-commodity trade and risk management solutions, announced that it has received a funding commitment of US $10 million from Nexus Venture Partners. Eka was earlier seed funded by the GP Group, a conglomerate with interests across shipping, manufacturing, real estate development and hospitality.

Talking about the new funding, Mr. Manav Garg, Founder & CEO, Eka Solutions says, "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."

Eka'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, 24x7 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 , Noble Group 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."

About Eka

Eka Software Solutions is a market leader in software for global commodity markets. Our products and services help companies that buy, sell or trade commodities manage the challenges of volatile markets and 24x7 global operations more efficiently. We do this by providing our customers best-of-breed functionality for physical trading, risk management, logistics, inventory, finance, compliance and business intelligence.

We see ourselves as partners in our customer's growth, working with them to improve operational control, increase profitability, accelerate growth and manage risks and exposures. A fact that's aptly showcased with NASSCOM recognizing Eka in their EMERGE 10 list for 2009.

Today, Eka is a 200+ member strong team with offices in Asia Pacific, Europe and North America. Our clients, including leading names like Louis Dreyfus, Noble, AWB and CHS, are located across the world.

About Nexus Venture Partners

Nexus Venture Partners is one of the Top Venture Capital 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. Nexus truly understands the unique challenges faced by entrepreneurs and are aware that it takes more than capital for a company to succeed. Each entrepreneur Nexus partners with has access to the entire team in India and Silicon Valley for help in recruiting talent, forging new alliances, opening doors to new customers, shaping the strategy and connecting with best of breed advisors or board members.

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.


CONTACT DETAILS
Jennifer R D'souza , Marketing Manager, Eka Software Solutions Pvt Ltd, +91 (80) 41715984/ + 91 9845102910, jennifer.dsouza@ekaplus.com
Rajashree Joshi, Senior Account Executive, Text 100 Public Relations, +91 (80) 25548808 ext. 115/ + 91 9663330702, rajashree.joshi@text100.co.in
Suhasini Mehta, VP Corporate Communications, Nexus Venture Partners, +91 (22) 66260000, suhasini@nexusindiacap.com

KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, IT, TECHNOLOGY

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