Manthan Systems, an India-based company providing business intelligence and analytics for retail and packaged goods companies, secured $15m in series C financing from investment firm Norwest Venture Partners on Wednesday. Prior investors include financial services firm Fidelity International and technology media and investment firm the International Data Group (IDG).
Fidelity led Manthan’s series B round, which also raised $15m, in November 2009, with participation from IDG Ventures India and venture capital partnership DFJ ePlanet Ventures. IDG and DFJ ePlanet previously made separate contributions to Manthan’s series A round in 2007.
Manthan’s retail analytics system, ARC, is used by retailers in 20 companies across the world. The latest funds will be put towards the launch of several products over the next year as well as strategic acquisitions, though Manthan is not mentioning any specific areas in which these will take place. Manthan will also be making its range of products mobile-accessible.
Atul Jalan, chief executive officer of Manthan Systems, said: "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 business intelligence 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."
Manthan launched its latest product, 3rdi, last month. 3rdi is a set of action points that point out slow selling products while providing a model that explores alternative pricing options, enabling the user to implement the price change through the automated system.