IT firm Manthan Systems has secured Series B funding of up to $15 million from a group of investors led by Fidelity International. Others participating in the investment included IDG Ventures India and DFJ ePlanet Ventures.

The Bangalore-based firm had earlier raised $2 million from IDG in 2007. Raj Dugar, managing director at FIL Capital Advisors, Fidelity International’s private equity advisory company in India, has joined Manthan's board of directors.

Atul Jalan, chief executive officer of Manthan Systems said, “The funding would help fuel important investments for growth, particularly in augmenting our sales and delivery presence across key markets, scaling our product organisation to match our growth, and also capitalising on suitable inorganic growth opportunities.”

The firm is reportedly planning to make acquisitions in the US and the UK in the next year. Manthan develops and markets a suite of software products and synergistic services to global retailers. Its 40 plus customers include Abenson, Haggen, McDonalds, Novartis, Prada, Supervalu India and Total India.