Manthan Software raises $60 million
Firm is looking to increase its product portfolio and hire senior sales and marketing executives in international markets
Bengaluru: Data analytics provider Manthan Software Services Pvt. Ltd said it raised a fresh round of funding of about $60 million in a round led by Singapore’s Temasek Holdings as the company looks to increase its product portfolio and hire senior sales and marketing executives in international markets.
Manthan Software’s existing investor Norwest Partners also put in some money in this round while IDG Ventures India made an exit from the company. Manthan had already received about Rs.105 crore from Temasek and Norwest in December as part of the $60 million round, documents with the Registar of Companies show.
Some analytics companies in India have been receiving large sums of money from investors. Fractal Analytics said in August that it had received an undisclosed amount from Canadian firm Aimia Inc. while media reports have speculated for months that Mu Sigma Inc. is in talks to raise funds.
Started in 2004, Manthan Software has raised more than $80 million so far. The company, which has 170 clients across 20 countries, expects to report revenue growth of 70% in the year ending March, chief executive officer Atul Jalan said.
“There was a lot of interest in us but we chose Temasek because we like their long-term view. We want to keep growing at more than 70% over the next two years and eventually go public. We will use the funds to spend on R&D (research and development) and launch new products. We’re also hiring a president and chief marketing officer in the Americas and some senior sales and marketing people in some of our other markets,” Jalan said.
He added that the company expects to add more than 40 clients this year.
Manthan Software provides analytics products to retailers, consumer goods companies and e-commerce firms. The company, which counts McDonald’s Corp. and eBay Inc. as clients, currently offers 14 products that help companies set prices, manage inventory, decide product assortment and market to end customers.
After moving 10 of its products to the cloud, a way of storing and managing data, the company has cut the deployment time of those products to about two hours from 16 weeks earlier, Jalan said.
“There’s a massive consumerization of technology happening with consumers wanting everything on demand. Our customers need to keep up with this and we’re helping them do this by reducing our deployment time drastically. By moving many of our products to the cloud it’s given us a different kind of scale and adoption,” Jalan said.
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