Indian social analytics firm Salorix closes down operations
The founder of Indian social analytics firm Salorix Inc confirmed that the company has already shut down its operations, wrote VC Circle.
According to The Economic Times, sources pointed to a disagreement between founder Santanu Bhattacharya and investors as the root of the shutdown. Google reportedly bid twice for Salorix in the past couple of years but Bhattacharya declined the offers, as opposed to what the investors want. The feud prompted the investors to stop funding the company, thus the shutdown, the report explained.
Media Nama said the company had closed its operations in May 2013. Other details about the issue are not yet available, the report said.
Inventus Capital Partners and Nexus Venture Partners had led a $3.5-million Series A round for Salorix in November 2011, the report added.
Salorix helped companies simplify their marketing campaigns using its social marketing platform. The company operates in New York City and Bangalore, according to VC Circle. Media Nama said its clients included high profile brands Nielsen, Levi Strauss, and Microsoft.
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