Magzter in talks with publishing houses for online bookstore
Digital magazine store Magzter has raised $10 million in Series B funding from a unit of Singapore Press Holdings and existing investor Kalaari Capital.
The funds would be utilised by the company for expanding into newer geographies and venturing into digital books, according to a press statement.
The New York-headquartered Magzter, co-founded by the company’s Chief Executive Officer Girish Ramdas and President Vijayakumar Radhakrishnan, aims at having a million digital books available on its platform by early 2014.
“Investing in Magzter Inc is an opportunity for us to enter into yet another new platform for content delivery and is part of our strategy to enhance content creation and distribution,” said Deborah Lee, Executive Vice-President, Corporate Development, Singapore Press Holdings (SPH).
SPH is the main newspaper publisher in the country, with 19 registered titles. The two-year old Magzter has a back office in India. The company had raised an undisclosed amount from Kalaari Capital, a $160-million venture capital fund with an advisory team in Bangalore, in May last year. In 2012, the company received around $5 million in funding from Indo US Venture Partners.
Magzter has over 16 million users from more than 200 countries. It offers a catalogue of over 3,000 magazines in more than 30 languages globally.
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