 "IDG Ventures Invests $2 Million In Manthan")
IDG Ventures India, an early-stage technology venture capital fund, has invested $2 million in Manthan Systems, a software product firm focused on business intelligence and analytics in the retail segment.
Sudhir Sethi, vice chairman and managing director, IDG Ventures India, will join the board of directors of Manthan Systems.
“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 Sethi.
According to Atul Jalan, Manthan CEO promoter, “Our $2 million raised from IDG Ventures would be utilized to build the sales team and product development teams and road maps with a view to rapidly tap into this large global opportunity in the Business Analytics arena.”
Manthan expects to add over 100 people to the company in sales, marketing and development in 2007.