IDG Ventures India to invest $2 mn in IT company Manthan Systems

The Economic Times reports that early-stage technology venture capital fund IDG Ventures India is making its first investment of $2 mn, out of a total fund size of $150 mn, in Manthan Systems. Manthan is a retail industry focused business intelligence and analytics software products company. The money raised from IDG Ventures would be utilized to build the sales team and product development teams. IDG Ventures Vice-Chairman and Managing Director India Sudhir Sethi will join the Board of Directors of Manthan Systems.