Hotline: 1800 102 2007
X
Loading
Search Business Opportunities
2014-03-05

Salorix, Bangalore-based data analytics start-up, shuts operations

Bangalore and US-based Salorix Inc, a VC-backed social media marketing and analytics solutions firm, has closed its operations as it failed to raise enough funding following a feud between its founder and investors.

Bangalore and US-based Salorix Inc, a VC-backed social media marketing and analytics solutions firm, has closed its operations as it failed to raise enough funding following a feud between its founder and investors. Salorix also spurned an acquisition offer from Google last May.

 

The investors were strongly in favour of a deal because they thought they saw an attractive offer. But founder Santanu Bhattacharya was not accepting the offer. Hence, the investors put a stop to further funding and the events lead to the closure of the company.

 

The investors, Nexus Venture Partners and Inventus Capital, declined to comment. Founded in 2009 by former NASA scientist and IIT Bombay alumnus Bhattacharya, Salorix had raised $3.5 million (Rs 21.6 crore at current rates) in 2011.

 

"The investors made a recommendation to the founder to take the offer, but he was asking for a higher price and the deal did not go through," said a person with direct knowledge of the negotiation. With offices in India and the United States, Salorix had 35 employees when it went under.

Related opportunities
  • Men's footwear
    About:Bata India is the largest retailer and leading manufacturer of..
    Locations looking for expansion New Delhi
    Establishment year 1950
    Franchising Launch Date 2016
    Investment size Rs. 30lac - 50lac
    Space required 1000 - 2000 Sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater South Delhi New Delhi
  • Preschools
    The Poly Kids is a registered entity in Australia and internationally..
    Locations looking for expansion Uttaranchal
    Establishment year 2005
    Franchising Launch Date 2009
    Investment size Rs. 5lac - 10lac
    Space required 1600 - 2000 Sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Dehradun Uttaranchal
  • About:Client is into business in relation to pharmacy and wellness..
    Locations looking for expansion West Bengal
    Establishment year 2012
    Franchising Launch Date 2016
    Investment size Rs. 10lac - 20lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Kolkata West Bengal
  • Laundry & Dry Cleaning
    Be a part of the booming on-demand laundry service industry..
    Locations looking for expansion Karnataka
    Establishment year 2012
    Franchising Launch Date 2015
    Investment size Rs. 20lac - 30lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Urban District Karnataka
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities