Temasek Holdings leads investment into analytics firm in India

SINGAPORE - Temasek Holdings has led an investment round in Manthan Systems, the India-based data mining company said on Tuesday (Feb 3).

The funding amount is 370 crore rupees ($80.6 million), according to India's Economic Times newspaper.

The move saw the Singapore investment company and its Silicon Valley partner Norwest Venture Partners (NVP) buying out the Manthan stakes owned by venture funds IDG Ventures.

Temasek confirmed the move when responding to The Straits Times' query, but gave no further comment.

Manthan Systems delivers analytics products and services to over 170 customers in 21 countries. The latest round of funding will be used to support its research, talent recruitment and global expansion, it said.

It described the Temasek-NVP move as one of the largest funding exercises for an analytics product company based in India.

A key objective that the funding will support is to help Manthan employ big data based machine-learning and self-governing models as the company moves its analytics paradigm to true artificial intelligence, Manthan founder and chief executive Atul Jalan said.

"We are very excited to partner with Atul Jalan and his team since they have consistently impressed us with the differentiated solutions that they have been creating," added NVP India executive director Mohan Kumar.