IDG Ventures invests $2 mn in Manthan

IDG Ventures India, a $150-million early-stage technology venture capital fund, has invested $2 million in Manthan Systems, a retail industry- focused business intelligence and analytics software products company.

Sudhir Sethi, vice-chairman and managing director, IDG Ventures India, will join the board of directors of Manthan Systems.

"The $2 million raised from IDG Ventures would be utilised to build the sales team and product development teams and road maps to tap this large global opportunity in the business analytics arena," said Atul Jalan, vice-chairman & MD Manthan.

"We expect to add over 100 people to the company in sales, marketing and development in 2007," he added.