Eka Software Solutions, which provides software for commodity trading and risk management, has raised $10 million in funding from Nexus Venture Partners (Nexus).
The funding will be used by Eka to expand its technical, support and sales capabilities besides inorganic growth opportunities. Sandeep Singhal of Nexus will join Eka’s board of directors. Nexus Venture Partners, which was till recently known as Nexus India Capital, has $320 million under management across two funds.
Bangalore-based Eka has been founded by Manav Garg, who was himself a commodities trader in coffee, and is seed funded by GP Group, which has interests across shipping, manufacturing, real estate and hospitality. GP continues to be an investor in the company.
The market for Eka’s product is estimated at $2-3 billion globally across commodities like metals, agricultural products and energy, Singhal told VCCircle. Eka currently has a presence in agricultural products and metals, and will now expand to energy.
The company’s clients include AWB, CHS, Louis Dreyfus, Noble Group, Garmco, among others. Eka competes globally with firms like Triple Point, Openlink, Allegro and Brady. It was also recently selected by Nasscom, the IT-BPO industry body, as one of India’s top 10 emerging software companies.
Eka has recently beefed up its top management with appointment of Amit Sureka, formerly with Jubilant Retail, as its new chief financial officer. It has also hired a global head of sales from rival firm Triple Point, among some other senior appointments. The company has offices in US and Europe, and will also look at setting up shop in Far East, especially China.
“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,” said Singhal of Nexus.