Manthan Systems, a business intelligence and analytics solutions provider for the retail and consumer packaged goods industries, has raised $15 million (Rs 75 crore) in series C funding from Norwest Venture Partners.
The funds raised will be used to expand product offerings besides inorganic expansion. Manthan is also on the lookout for companies in similar domain, with similar customer base, which it can acquire.
Atul Jalan, founder and CEO of Manthan Systems, told VCCircle, the next step would be a public issue as a natural corollary after 3-4 rounds of funding. However, he did not give a timeframe for the proposed public issue.
“Our deep focus on retail analytics, business intelligence and customers is what has helped us create some of the most innovative products in the business intelligence and analytics space. In addition, we have always been heedful of the fact that the sophisticated analytics we create need to be easy to adopt, deploy and use,” he said.
As a result of this funding, Mohan Kumar, executive director at Norwest Venture Partners, has joined Manthan’s board of directors.
“The company has focused on retail and CPG customers, resulting into impressive growth and increased market share. Backing Manthan reinforces our belief in the next-generation business analytics sector as shown through NVP’s investments in such companies as 1010data and Retail Equation,” commented Kumar.
The latest funding comes two years after its series B round when Manthan Systems raised $15 million led by Fidelity International, along with existing investors IDG Ventures India and DFJ ePlanet Ventures. Around the same time, Fidelity also acquired the shares held by National Venture Fund For Software & IT Industry, a fund managed by SIDBI Venture Capital Ltd, according to VCCEdge, the financial research platform of VCCircle.