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.
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