Bangalore-based data analytics startup, Manthan has raised about $60 Mn in Series D round of funding led by Temasek and Norwest Venture Partners. This takes the total funds raised by the company to $80 Mn.
Manthan was launched in 2004 by Atul Jalan, it is a provider of Business Intelligence and Big Data analytics solutions for enterprises.
The company had previously raised $15 Mn in a Series C round of funding from Norwest Venture Partners back in February 2012. Prior to that, it had raised $15 Mn from FIL Capital Advisors, IDG Ventures India and DFJ ePlanet Ventures in November 2009 and an initial round of funding from IDG ventures in May 2007. The company had also secured an undisclosed amount in additional funding from existing investors Norwest Venture Partners and Fidelity Growth Partner India in August last year.
IDG Ventures India made an exit from the company in this round.
Manthan’s will use the investment to accelerate its focus on consumerization of technology. Further, the funding will be used to accelerate the SaaS adoption of its product portfolio, for product development and to expand its marketing footprint globally. Manthan currently has over 170 clients across 20 countries, and it expects to report revenue growth of 70% in the year ending March.
“We are very excited to partner with Atul Jalan, CEO and his team at Manthan since they have consistently impressed us with the differentiated solutions that they have been creating. Real-time actionable analytical insights increasingly drive all aspects of decision making for global retailers and CPG organizations. Hence the combination of Manthan’s domain based analytical software products and proven data sciences capabilities has created a strong value proposition that in our view will enable Manthan to continue its rapid growth trajectory”, says Mohan Kumar of Norwest.
The recent financing round will also fund new areas at Manthan Labs like an ‘Expert System’ that will employ big data based machine-learning and self-governing models to transition the current analytics paradigm to true artificial intelligence (AI), says the company.
IDC forecasts the traditional analytics business to be worth $59.2 Bn by 2018. And A T Kearney pegs big data, software and services at $114 Bn by 2018. Earlier this year, , TookiTaki had raised $1 Mn in seed funding from Jungle Ventures, Rebright Partners and Blume Ventures; Marketelligent, a data analytics company was acquired by US based technology consultant and software developer Brillio in October last year; and Hive India had invested in data analytics startup Indus Insights in Series A round of funding in August last year.