Social media marketing and analytics company Salorix has shut down its operations, the company CEO Santanu Bhattacharya has confirmed to The Economic Times, without giving any explicitly reason for this. The company apparently shutdown in May 2013.
The report cites sources to say the company shut down following a disagreement between the founder and investors over an acquisition offer from Google. The investors were keen on the acquisition offer while Bhattacharya was not impressed with it. On being contacted by Medianama, one of Salorix investors Nexus Venture Partners declined to comment on this development. We are yet to hear back from Salorix and Inventus Capital Partners.
Strangely, a TechCrunch report from last week had also suggested that Salorix had acquisition talks with Facebook in October 2013, which eventually failed and Facebook ended up hiring Bhattacharya earlier this year. However, the Inventus Capital Partners Managing Partner Kanwal Rekhi has refuted this in the report’s comments section saying “it is factually wrong on almost all counts”.
Salorix had earlier raised $3.5 million in Series A funding from Inventus Capital Partners and Nexus Venture Partners in November 2011 and it was planning to use this investment to improve its technology development efforts and expand its existing solution sets.
Launched in 2009, Salorix provided a social media engagement platform for brands called Amplfy which scans and ranks real-time social conversations to identify key topics and influencers across various industries. It then allowed brands to track and engage with influencers whenever they talk about the brand directly or indirectly. Salorix’s clientele included brands like Nielsen, LinkedIn, Levi Strauss, Microsoft and others.
Other players in this segment include Unmetric which had raised $5.5 million in Series B funding from JAFCO Asia and one of Salorix’s investors Nexus Venture Partners in September 2013. Nexus Venture Partners had earlier invested $3.2 million in the company in April 2012. Social media analytics startup Parakweet had also raised $2 million investment from a series of angel investors in June 2013 while data analytics and personalization services based startup iKen Solutions had raised an undisclosed amount of funding from India Innovation Fund in August 2012.