IDG Ventures India, a corporate venturing affiliate of technology media and data company IDG, has exited India-based business analytics provider Manthan Software Services as part of a $60m round, LiveMint reported yesterday.
Temasek, Singapore’s sovereign wealth fund, led the series D round, which also featured Norwest Venture Partners (NVP), the venture capital firm backed by bank Wells Fargo.
Manthan provides data and intelligence services for retail and consumer packaged goods (CPG) businesses.
The series D cash will be used to expand the company’s product offering and recruit senior staff to serve international markets, while additional funds will be put into projects covering artificial intelligence and machine learning at its research and development centre, Manthan Labs.
Mathan raised $15m from a 2009 series B round backed by IDG Ventures and DFJ ePlanet, both of which had previously contributed to its series A round, and led by Fidelity International. Norwest subsequently invested $15m in Manthan in 2012.
Mohan Kumar, partner at NVP, said: “Manthan understands the on-demand, mobile and location driven economy that we exist in and that’s what makes them attractive to global brands. Their constant innovations in the digitalisation of retail and CPG businesses makes them players to be watched closely as we move into an analytics-driven world.”