BackDigital magazine store Magzter raises $10 mn for global expansion
The funding will primarily be utilized for further expansion and entry into digital books
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Mumbai/Chennai: New York-based digital magazine store Magzter Inc. on Wednesday said it raised $10 million. The new round of funding is led by a wholly-owned subsidiary of Singapore Press Holdings Ltd (SPH) and its existing investor Kalaari Capital.
The funding will primarily be utilized for further expansion and entry into digital books. Magzter aims to have one million digital books available on its platform by early 2014.
Started two years ago, Magzter has more than 16 million users from more than 200 countries, and offers a global catalogue of more than 3,000 magazines from over 900 publishers in more than 30 international languages. Available on multiple platforms and devices, Magzter has been one of the most downloaded apps on iOS in various countries.
The digital magazine has its back office and technological support in India which allows any publisher in the world to digitally publish content for a global audience.
Magzter was founded by the company’s chief executive officer, Girish Ramdas, and president, Vijayakumar Radhakrishnan, in 2011.
“This Series B funding will be used for our plans to further expand our business by offering new services, content types like digital books and enter new geographies," said Radhakrishnan in a statement.
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