IDG Ventures India announces investment of $2 mn

BANGALORE: IDG Ventures India, a $150 mn early-stage technology venture capital fund, has announced its first investment of $2 mn in Manthan Systems, a retail industry focused business intelligence and analytics software products company.

"The money raised from IDG Ventures would be utilised to build the sales team and product development teams and road maps with a view to rapidly tapping into this large global opportunity in the business analytics arena," Manthan Systems MD and CEO Atul Jalan said in a statement.

In another development IDG Ventures said its Vice-Chairman and Managing Director India Sudhir Sethi will join the Board of Directors of Manthan Systems.