Fidelity Backed Manthan Raises $15Mn From Norwest Venture Partners
by Irfan Khan
Bangalore based Manthan Systems has secured $15Mn Series C funding from Norwest Venture Partners. As a result of this funding, Mohan Kumar, Executive Director at NVP, has joined Manthan's board of directors.
Manthan Systems will use the funds to launch new products and acquisitions.
Manthan Systems provides business intelligence and analytical solutions for the retail and consumer packaged goods industry. The BI solution comprises of products like merchandising analytics, finance analytics, customer analytics, supplier collaboration analytics. It's clientele includes McDonald's, Crocs, Ecco, Love's, Ashley Stewart, Teavana, Robinsons, Ripley, Woolworth, SM Retail, Mydin, Abenson, Haggen and GAME Group Plc.
Earlier in Nov’09, Manthan secured $15Mn Series B funding from Fidelity International, IDG Ventures India and DFJ ePlanet Ventures. to expand sales and marketing presence in its key markets. In 2007, it had raised $9Mn from IDG Ventures and DFJ Ventures in its first round of funding.