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IDG Ventures invests $2 million in Manthan Systems

IDG Ventures India, an early-stage technology venture capital fund, has invested $2 million (Rs.8.8 million) in Manthan Systems Ltd, a software product firm focused on business intelligence and analytics in the retail segment.

The venture fund raised from IDG would be invested in building product development and sales teams to tap the global opportunity in the business analytics space, Manthan CEO promoter Atul Jalan said in a statement here Friday.

With domain expertise in the retail industry, Manthan develops and markets a suite of software products and services to global retailers enabling them to take data-driven business decisions. Its business intelligence platform delivers enterprise-wide analytics capability.

'Retailers have not leveraged their data rich environment to drive decision-making. One of the challenges facing businesses is the disconnect between strategy and execution of specific initiatives. Lack of customised technologies in the retail and consumer goods industry hampers execution of business strategy,' Jalan said.

The company plans to ramp up its headcount in sales, marketing and development with about 100 people over the next 12 months.

The $150-million IDG venture firm is betting on the business intelligence and analytics segment, as its worldwide market size is projected to be about $10 billion by 2010. Its investment will be strategic to Manthan in becoming a leading player in retail analytics.

'As part of our fund strategy, we invest in key technology areas such as software products to leverage their market potential. Our platform is focused on technology and comprises market research, publications and conferences, besides networking with our funds across Asia and the US,' said Sudhir Sethi, managing director of IDG Ventures India.

The investment will pave way for Sethi joining Manthan's board as one its directors.

Source : Indiaprwire

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