Temasek leas $60m round for India big data player Manthan
Temasek Holdings has led a $60 million round if funding for India-based data analytics firm Manthan Software Services, with participation from existing backer Norwest Venture Partners.
The investment has facilitated a full exit for IDG Ventures India and a partial exit for Fidelity Growth Partners India, VCCircle reported. Manthan will use the fresh capital to expand its software-as-a-service (Saas) offering, product development and enlarging its global footprint.
Founded in 2004, Manthan provides business intelligence and big data analytics solutions intended to help retailers and consumer products companies better understand their customers and drive growth. Its client covers 21 countries and more than 170 groups, including the likes of McDonald's and eBay.
The company is headquartered in Bangalore, with additional offices in the US, the UK, the Philippines, Singapore and Brazil.
"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 digitalization of retail and CPG businesses makes them players to be watched closely as we move into an analytics-driven world," said Mohan Kumar, a partner at Norwest, in a statement.
According to AVCJ Research, Manthan has previously received at least four rounds of funding. IDG and ePlanet Ventures each put in $2 million in 2007 and this was followed two years by a Series B round worth $15 million from the existing investors plus Fidelity. In 2012, Norwest contributed $12 million and then invested more alongside Fidelity last August.
A host of PE and VC firms have backed companies in India's big data analytics space. The standout transaction remains Mu Sigma's $108 million Series D round, led by General Atlantic and Sequoia Capital in 2012. More recently, Goldman Sachs led a $56 million round for Antuit, which is headquartered in Singapore but has substantial operations in India.
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