Norwest Venture invests 15 million in Manthan Systems Trilegal Amarchand and NDR advise

Bangalore based Manthan Systems, a business intelligence and analytics solutions provider for the retail and consumer packaged goods industries, has raised $15 million (Rs. 74 crore) in Series C funding from Norwest Venture Partners..The deal contained both primary and secondary transactions. The secondary transaction involved purchase of shares by Norwest Venture from IDG Ventures and DFJ ePlanet entities..Earlier in November 2009, Manthan secured $15 million Series B funding from Fidelity International, IDG Ventures India and DFG eplanet Ventures to expand sales and marketing presence in its key markets, reports Dealcurry. .Trilegal Partner Kosturi Ghosh along with Associates Suvojit Halder and Wiseroy Damodaran advised Nowest Venture Partners..Amarchand Mangaldas advised Fidelity India Ventures, Fidelity India Principals and Manthan Software Services with a team led by Partner Arjun Lall along with Senior Associate Samheeta Rao and Associate Madhumita Seshadri..Narasappa, Doraswamy & Raja advised IDG with a team led by Partner Siddharth Raja along with Senior Associate Neela Badami and Associate Junaira Rahman..Speaking to Bar & Bench on the transaction, Trilegal Partner Kosturi Ghosh said, “Considering the number of investors involved and their historical rights, the deal involved complex documentation and structuring of exit rights. Also, the deal witnessed significant amount of negotiations between the parties on tax matters given the uncertainty in the country’s international tax regime surrounding the Vodafone case.”.According to VCCircle, the funds raised will be used to expand product offerings besides inorganic expansion. Manthan is also on the lookout for companies in similar domain, with similar customer base, which it can acquire..Norwest Venture Partners with more than $3.7Bn in capital makes early to late stage venture and growth equity investments across a wide range of sectors including: information technology, business services, financial services, infrastructure, technology enabled services and consumer..Recently, Norwest had invested in Fashionandyou.com and Dealsandyou.com.