Bangalore-based commodity trading and risk management software company Eka Software raised USD 10 Million towards technical support, sales capabilities and research. The funding is being provided by Nexus Venture Partners.
With a rather niche product portfolio, Eka's products are used by companies that do commodity trade in the area of metals, agricultural products, and energy. With the Nexus funding, Eka is hopeful of going after newer verticals related to its focus areas, besides doubling the number of employees.
Manav Garg, Founder of Eka said, "In the business area that Eka operates in, it is not about numbers; it is about having intimate and long-lasting relationships with select customers, and Eka's growth is greatly determined by how a company starts using our tools for a particular component of the business, and having built trust in us, upgrades to other products widening the scope and relationship with Eka." Manav plans to use a part of the funding to further streamline the R&D processes that are highly personalized and require in-depth understanding of each of its customers.
Sandeep Singhal of Nexus, who is now part of the board of directors for Eka said, "Nexus is on a constant lookout to invest in companies that may not really be doing phenomenally high volume of business; but if their roadmap has potentional of growth -- organic or otherwise -- and the company caters to a segment which can be expected to spend more in automation in the months to come, nexus is there to seed you through. My personal view is that this is the right time to invest in companies that have a very close relationship with its customers, and who can innovate to serve the better."