Magzter, the global digital mobile magazine store has raised series A funding from Indo-US Venture Partners. The amount of funding has not been disclosed.
Founded by Vijaykumar Radhakrishnan and Girish Ramdas in July 2011, the digital mega store provides readers with over 350 magazines from various fields on its digital mobile platform. It is also aims to offer readers some 10,000 to 20,000 magazine editions and periodicals from round the globe.
Talking about the expansion plans and more funding, Vijaykumar Radhakrishnan, Co-Founder and President, Magzter has said, “We are looking at next level of funding in the range of $10-15 million from strategic investors, who has knowledge and understanding of digital publishing. Though we had started with magazines, but going forward, we are looking to bring newspapers and entertainment content on our platform.”
“We are already seeing 1000 transactions per day on our platform for digital content and we want to increase the monetization of digital content by adding more magazines and publication content from different parts of the world,” Radhakrishnan added.
Magzter is hosted on Amazon’s cloud and is presently available on Apple devices like iPad, iPhone, Android-based Samsung devices like Galaxy and others.
In just 10 months since the launch, Magzter has 2.5 million register users, among them US topped with 700,000-800,000 users followed by India, UK and other South Asian countries like Singapore, Malaysia and others. Interestingly, around 600,000 iPad users access Magzter in India, Radhakrishan pointed out.
As part of expansion plans, Radhakrishnan said, “We are expanding our list of devices and working to bring mobile versions for BlackBerry, Windows Mobile, Symbian and BADA.”
The digital magazine store boasts magazines like Filmfare, Good Housekeeping, Femina, India Today and more.
April 22, 2013, 5:55 am UTC
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