IDG Ventures India invests 2 mn $ in Manthan Systems

Bangalore, Mar 22 (UNI) IDG Ventures India, an US Dollar 150 million early-stage technology venture capital fund, today announced its first investment of two million Dollar in Manthan Systems, a retail industry focused Business Intelligence and Analytics software products company.

IDG Ventures India Vice-Chairman and Managing Director Sudhir Sethi would join the Board of Directors of Manthan Systems, according to a company release here.

''As a fund strategy one of our key investment areas is software products, within which the briskly growing BI and Analytics market with a projected 2010 size of US Dollar ten billion is very encouraging,'' Mr Sethi said, adding that ''We find Manthan to be a highly differentiated and leading edge player in offering domain centric solutions to this global market.'' ''The investment by IDG would help Manthan realise its vision of being a global leader in retail analytics,'' Manthan Systems Managing Director and CEO Atul Jalan said.

UNI