Eka’s suite of solutions runs on the Microsoft Azure platform and enables businesses to gain complete and real-time visibility to track carbon emissions.
“Going forward, we believe it will become one of the major components of our offering in the next two to three years’ time – about 25% (of the total revenue). I think climate risks, the climate management, sustainability, management in general will emerge very big,” Manav Garg, founder and CEO of Eka, said.
“Now, it’s very regulatory driven, so the CFO office also gets involved,” he said. “And it is an essential part of the non-financial reporting of the CFO office as well.”
ET reported on Monday that Eka had put itself on the block and is in talks with global private equity firms such as PAG, TA Associates and Advent International for the same. The company is being valued at $450 million.
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Leveraging the hybrid and cloud technologies of Azure, pre-built frameworks and analytical dashboards on Eka’s ESG (Environmental, Social, and Governance) and sustainability reporting solution will help companies report as per industry mandated frameworks and reduce their environmental footprint across all emission sources.
“We are looking at it as a continuation of the theme of automating the entire CFO suite,” Garg said.
“We already are very strong in commodities and natural resources and…companies in agri, mining, energy transportation, are also at the forefront of managing this climate risk. Therefore, we found it a very natural adjacency to go to and start helping the companies with sustainability offerings,” he added.
These companies will primarily be in India, Asia, Australia, and Europe.
Garg said that US President Joe Biden had put the focus back on climate risk, but the United States was not regulatory driven and so was not “fully ripe” for Eka as a market yet.
“We’re looking at global companies that are about $500 million or $1 billion and are focused on a few sectors like manufacturing, natural resources, and one or two more sectors. In the first phase, or the next 12 months, we will try to reach about 10,000-15,000 companies,” he said.
