The Hindu Business Line : Pressmart gets $6-m funding

Pressmart, digital solutions provider for print media, has secured $6-million funding from Draper Fisher Jurveston (DFJ) and NEA IndoUS Ventures, Bay area, US. DFJ and IndoUS Ventures would be given a stake of 23 per cent each in the Hyderabad-based company, its Chief Executive Officer, Mr Sanjiv Gupta, told newspersons here. The investment would be used to expand the geographic footprint of the company globally by ramping up marketing operations and offerings to the print media, he said.

At present, Pressmart is offering print-to-digital delivery service to over 340 publications in the world, 10 per cent of which are in India facilitating electronic editions of the newspapers. "The funding will give financial muscle to provide new offerings, especially to small and medium publications. Our target is to provide service to 5,000 publications over next three years,'' Mr Gupta said. Citing industry estimates, Mr Gupta said, there were 1.4 billion readers for print media. In India alone, 1.5 lakh publications were registered, he added.

Mr Satish Andra, Partner, DFJ, said the reason for investment in Pressmart was the fast growth of the company leveraging digital technology. - Our Bureau

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