Bangalore-based Manthan Software Services, which provides business intelligence and Big Data analytics solutions to enterprises, has secured an undisclosed amount in Series D round of funding, led by Singapore’s state-owned investment firm Temasek.
The round also saw participation from existing investor and California-based VC firm Norwest Venture Partners.
While the exact quantum of the amount has not been officially disclosed, media reports have pegged it around US$60 million.
With the fresh investment, two of its existing investors IDG Ventures and DFJ ePlanet Ventures have exited from the company, while Fidelity — another existing investor in the firm — has partially exited.
Manthan will use the fresh funds to accelerate the SaaS adoption of its product portfolio and also for product development, in addition to expanding its marketing footprint globally. A portion of the funds will also go towards employing Big Data-based machine-learning and self-governing models to transition the current analytics paradigm to true artificial intelligence.
“A few years ago, we decided to focus our talent and energies on transforming analytics from decision-support to decision-making. To achieve our goal, an all-pervasive consumerisation of analytics, we are leveraging artificial intelligence and natural language processing (NLP), and moving into the realm of robotics and automated analytics,” said Atul Jalan, Founder, Manthan.
Set up in 2004, Manthan combines advanced predictive analytics, actionable insights and customer knowledge to help retailers identify and drive growth opportunities. Manthan claims that it has over 170 clients across 21 countries. Its clients include Love’s, Teavana, Novartis, McDonald’s, Ripley, SM Group, and Robinsons.
Besides Bangalore, Manthan also has operations in the UK, the Philippines, Singapore and Brazil. The firm had earlier raised US$2.95 million from Norwest and Fidelity in June last year.
“Manthan understands the on-demand, mobile and location-driven economy that we exist in and that’s what makes them attractive to global brands. Their constant innovations in the digitisation of retail and consumer packaged goods (CPG) businesses makes them players to be watched closely as we move into an analytics-driven world,” said Mohan Kumar, Partner at Norwest Venture Partners, early investor in Manthan.
In the analytics space, Manthan mainly competes with Bangalore-based Mu Sigma and Fractal Analytics.
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