Norwest Venture Partners invests $ 15 million in Manthan Systems

NEW DELHI: IT company Manthan Systems today said it has secured $ 15 million investment from the US-based Norwest Venture Partners and it will use the same for funding acquisitions and other business expansion plans.

The company, a software solutions provider for retail and consumer packaged goods industries, had earlier raised $ 35 million from Fidelity, IDG Ventures and other sources.

As a result of the funding, NVP India's Executive Director Mohan Kumar India will be joining Manthan's Board, Manthan Systems said in a statement.

"In the next year, Manthan is looking to launch several new products as well as acquire organisations," Manthan Systems CEO Atul Jalan said.

"The company (Manthan) has focused on retail and CPG customers, resulting in impressive growth and increased market share," said Mohan Kumar, Executive Director, NVP India.

At present, Manthan's retail performance management solutions have been deployed with 70 of the biggest names in retail such as McDonald's, Crocs, Ecco, Love's, Ashley Stewart, Teavana, Robinsons, Ripley, Woolworth, SM Retail, Mydin, Abenson, Haggen and GAME Group Plc.