NEWS20 November 2009

Investors pump $15m into Manthan Systems

Asia Pacific Financials

INDIA— Retail analytics and intelligence firm Manthan Systems has scooped $15m in Series B funding from a group of private equity investors.

Fidelity International led the funding, and was joined by existing investors IDG Ventures India and DFJ ePlanet Ventures.

Manthan said that the funding would be used to develop a sales and delivery presence across key markets and to capitalise on “inorganic” growth opportunities – suggesting acquisitions are a possibility.

Atul Jalan (pictured left, with CTO Vikas Gupta), Manthan’s founder and CEO, said: “We believe Manthan is uniquely positioned to deliver the analytical maturity and edge that most retailers are aspiring to. Our confidence stems from our products’ capabilities and our unique deployment model that delivers on industry leading ROI, and is reinforced by the market traction we are experiencing today.”

As a result of the investment, Raj Dugar, managing director at FIL Capital Advisors – Fidelity International’s Indian private equity advisory company – will take a seat on the Manthan board.