Bangalore, Nov 19 (IANS) Leading software product firm Manthan Systems secured $15 million from three venture capital partners in the second round (series b) of funding, the company said Thursday.
Besides the two existing investors - IDG Ventures India and DFJ ePlanet Ventures - Fidelity International has participated in the second round of funding, the company said in a statement here.

IDG and DFJ participated in the first round (series a) of funding in March 2007, investing $2 million each in Manthan.

The company, however, did not disclose the specific investment made by the three venture capital funds in the second round and their holding pattern.

“The funds will be invested to enter new geographies and invest in expanding our sales and marketing force,” a company spokesman said.

The Bangalore-based Manthan develops business intelligence and analytical solutions for retail and consumer packaged goods industries.

Post-funding, Raj Dugar, managing director of FIL Capital Advisors, Fidelity’s private equity advisory firm in India, will join Manthan’s board of directors.

“We believe Manthan is well positioned to make a significant impact on the global retail landscape as the industry steps up value realisation through its usage of business intelligence and analytics,” Dugar said in the statement.

Manthan’s software products address retailers’ need to compete on analytics, a top priority for retailers worldwide. It has a client base of 50 worldwide.

“We are uniquely positioned to deliver the analytical maturity and edge most retailers aspire for. Our confidence stems from our products’ capabilities and our unique deployment model that delivers on industry leading quick return on investment,” Manthan founder and chief executive Atul Jalan said.

Businesses that have implemented Manthan’s products have seen improved margins, customer retention, inventory efficiency, promotion effectiveness and wallet share while having reduced markdowns.