IDG Ventures invests $2-mn in Manthan

NEW DELHI: IDG Ventures India, a $150 million early-stage technology venture capital fund, today announced its first investment of $2 million in Manthan Systems, a Retail Industry focused Business Intelligence and Analytics software products company.

Sudhir Sethi, vice chairman and managing director, IDG Ventures India, will join the Board of Directors of Manthan Systems.

“As a fund strategy one of our key investment areas is software products, within which the briskly growing BI and Analytics market with projected 2010 size of $10 billion is very encouraging. We find Manthan to be a highly differentiated and leading edge player in offering domain centric solutions to this global market. It already counts Fortune 500 companies amongst its clientele and is well poised to become the market leader. The company’s management team has retail domain expertise par excellence and is led by Atul Jalan, a very successful serial entrepreneur,” said Sethi.

The IDG Platform is focused on technology globally and comprises market research, publications and conferences as well as a network of other IDG Ventures’ funds across Asia and the United States.

“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,” said Jalan, “We expect to add over 100 people to the company in sales, marketing and development in 2007”.

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