Bangalore & and US based social media marketing and analytics solutions company Salorix Inc, has seized its operations as it failed to raise a fresh round of funding. According to a report by ET, the startup had received an acquisition offer from Google twice, but its founder Santanu Bhattacharya had denied the offer as he was asking for a higher price and the deal did not go through. This led to a row between the founder and the investors, which include Nexus Venture Partners and Inventus Capital.
The startup had 35 employees who were promised a severance package, including bonus, but they haven’t received it yet.
Santanu has confirmed the shut down, saying, “It was a great part of my professional experience,” he wrote in an email to ET. “Unfortunately, all good things must come to an end and this one did, too.”
Salorix was founded in 2009 and had raised $ 3.5 Mn in 2011.
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