Infotech Buys Zluri, the Bengaluru Startup That Raised $32 Million, at an Undisclosed Price

Infotech, the Ontario IT research and advisory firm formerly called Info-Tech Research Group, has acquired Zluri, the Bengaluru software-as-a-service management startup that raised more than $32 million, for a price neither company has disclosed.

Zluri confirmed the deal in an Oct. 14 post headed "Infotech acquires Bengaluru-based Zluri to expand SaaS management and identity governance capabilities". The post, as retrieved, carries no terms and no quotes. Inc42 supplied the rest of the detail, and describes it as Infotech's first acquisition in 30 years.

What Infotech bought

Zluri tracks which software employees use inside a company and who has access to it, which the industry calls SaaS management and identity governance. Inc42 reports more than 250 enterprise customers, including Monday.com, Tipalti, Whoop, Razorpay and Traveloka, and says more than 60 percent of revenue comes from Europe and North America. No revenue figure is given.

Zluri becomes a standalone division of Infotech and keeps its product and core engineering teams in Bengaluru. Infotech gains application-discovery and identity-governance features for its CIO Analytics platform, and Zluri gains access to a community of more than 30,000 IT leaders, per Inc42.

The funding that preceded it

Zluri was founded in 2020 by Ritish Reddy, its cofounder and chief executive, with Chaithanya Yambari and Sethu Meenakshisundaram. Its rounds, as reported at the time and by Inc42, add up to the $32 million.

Round	Date	Amount	Led or backed by
Seed	January 2021	$2 million	Endiya Partners, Kalaari Capital
Series A	Jan. 10, 2022	$10 million	MassMutual Ventures
Series B	2023	$20 million	Lightspeed (per Inc42, as an investor)

The seed and Series A figures come from Entrepreneur India's coverage of the Series A. The Series B was the last priced round, and it supplied about 62 percent of all the capital Zluri raised, so the 2023 investors are the ones whose return this sale decides.

What the missing price hides

An undisclosed price means the exit multiple cannot be calculated, and the central question is unanswerable from public material: whether the 2023 Series B was returned in full. The sources fetched here give no basis for a range.

Structure also goes unreported. Neither source says whether the payment was cash or stock, whether any of it is deferred, or whether the founders stay on contract. Inc42 says only that the engineering teams remain in Bengaluru and that Zluri keeps serving its existing customers.

The buyer's profile adds to the gap. Infotech is an IT research and advisory firm with a community of more than 30,000 IT leaders, and Inc42 reports that Zluri will feed its CIO Analytics platform. A first acquisition in 30 years is a small sample from which to infer what Infotech pays for a software company, so no comparable multiple is offered here.

Lightspeed, MassMutual Ventures, Endiya Partners and Kalaari Capital are all named as investors by Inc42. None of them is quoted in the retrieved material, and none has said whether it sold at a gain.

For other Indian startup deals this fortnight, see the Scimplify round and the Parallel Loop seed. The next observable event is a disclosed price, whether from Infotech or from a regulatory filing, which would show whether $32 million of venture capital came back.