Manthan Systems, a Bangalore-based business intelligence and analytics solutions company, has raised $15 million in series B funding. The investment is led by venture capital firm Fidelity International, along with existing investors IDG Ventures India and DFJ ePlanet Ventures.
Following this investment, Raj Dugar, managing director at FIL Capital Advisors India has joined Manthan's board.
Earlier in 2007, Manthan raised $2 million from IDG Ventures, while ePlanet’s previous funding is not known.
Manthan stated that the funding will help it chase inorganic growth opportunities, apart from scaling up its products portfolio and expanding sales and marketing presence across its key markets. It is believed to be looking for companies in the US and the UK for acquisition over the next few months. The company has presence across the US, Europe and Asia Pacific.
It develops and markets a range of software products and synergistic services to global retailers in taking data-driven business decisions. The products include merchandising analytics, finance analytics, customer analytics and supplier collaboration analytics.
It offers services to over 40 retailers globally in retail verticals including food and grocery, fashion and lifestyle, convenience stores, and specialty and mass merchandising format outlets. Some of its significant clients include Abenson, AdvanceRetail, Haggen, Game Group PLC, Ecco, Kitchen Collection, McDonald's, and Loblaw.