Bangalore-based business intelligence and analytics solutions company Manthan Systems has raised $15 million from Norwest Venture Partners as part of its Series C round of funding. The company, whose solutions target the retail and consumer packaged goods industries, will use the money to launch next products and make acquisitions, said a press release. Its retail analytics solutions are currently being used in 20 countries by retailers such as Crocs, McDonald’s and Ripley.
Manthan was founded in 2004 by serial entrepreneur Atul Jalan, who earlier started Microtrack, Cybertrek and NetKraft. The company raised its first round of funding from IDG Ventures India in May 2007, followed by DFJ ePlanet Ventures in June. The amounts invested were not disclosed. In November 2009, it raised a $15 million Series B round of funding led by Fidelity International. Existing investors IDG Ventures and DFJ ePlanet also participated in the round.
Following the latest investment round, Norwest’s Bangalore-based executive director Mohan Kumar joins the Manthan board.
Image Courtesy: Manthan Systems