Norvest Venture Partners has invested $15mn in Manthan Systems, Bangalore-based analytics firm. Manthan earlier raised $35mn from IDG Ventures, Fidelity etc and will use the funds to launch several new products as well as acquire companies.
From the release:
“Our deep focus on retail analytics, business intelligence and the customer is what has helped us create some of the most innovative products in the BI 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,” said Atul Jalan, Founder & CEO, Manthan Systems.
Every business discussion today segues, one way or the other, into analytics. With markets facing tough times worldwide, retailers are suddenly and prudently opting for the security of data. More and more retailers are harnessing and profiting from the power of analytics to make better and faster decisions. While reliance on analytics is still an evolved market phenomenon, retailers across the world are taking steps towards securing their aisles.
“Manthan Systems has done an incredible job of building products that produce significant results for its clients. The company has focused on retail and CPG customers, resulting in impressive growth and increased market share,” said Mohan Kumar, Executive Director, NVP India. “In a market that demands decision making on the run, Manthan’s suite of best-in-class products is poised to make a significant impact on global retail. Backing Manthan reinforces our belief in the next generation business analytics sector as shown through NVP’s investments in such companies as 1010data and The Retail Equation (TRE).”
Manthan plans to use this round of funding to help retailers gain a distinct advantage over the competition. In the next year, Manthan is looking to launch several new products as well as acquire organisations that share Manthan’s philosophy of innovation. Additionally, efforts are underway to ensure that the next few products in production are as innovative and powerful as the company’s current suite of offerings. The intent is to launch ground-breaking products in adjacent markets and leverage the power of cloud computing and SaaS. Manthan is also enabling mobility for all its products, including ARC, which is already iPad enabled.
Today, Manthan’s retail performance management solutions have been deployed with 70 of the biggest names in retail such as McDonald’s, Crocs, Ecco, Love’s, Ashley Stewart, Teavana, Robinsons, Ripley, Woolworth, SM Retail, Mydin, Abenson, Haggen and GAME Group Plc. As a result of this funding, Mr. Mohan Kumar, Executive Director at NVP, has joined Manthan’s board of directors. Manthan’s existing investors include Fidelity and IDG Ventures.