Bangalore-based Manthan Systems, which provides business intelligence and analytics solutions for the retail and consumer packaged goods industries, has raised $15 million in a Series C funding from Norwest Venture Partners. This follows the company’s earlier funding rounds raising $35 million, including $15 million from FIL Capital Advisors, IDG Ventures India and DFJ ePlanet Ventures in November 2009 and an initial round of investment from IDG ventures in May 2007. The total funding now stands at $50 million.
The company intends to use the money raised to launch new products, increase its sales and distribution reach and make acquisitions over the next year. Manthan is also working on porting its products to the mobile platform, including its business intelligence solution ARC, which was recently launched on the iPad.
Launched in 2004, Manthan currently offers software products for analytics, business intelligence, data mining and supplier collaboration under the brand name of ARC. It claims to have deployed its retail performance management solutions to over a 70 customers across 20 countries in the world including McDonald’s, Crocs, Ecco, Love’s, Ashley Stewart, Teavana, Robinsons, Ripley, Woolworth, SM Retail, Mydin, Abenson, Haggen and GAME Group Plc.
Last year, Norwest Venture Partners had invested in 1010data, a data warehouse and business intelligence products and service provider, and in The Retail Equation (TRE). Decision sciences and analytics service provider Mu Sigma had also raised $108 million funding from General Atlantic and Sequoia Capital in December 2011.
