Magzter, digital magazine store and news-stand, announced that the company has recently raised USD 10 mn in its Series B funding from a unit of Singapore Press Holdings and its existing investor Kalaari Capital.
The funds will primarily be utilised into further expansion and entry into digital books.
“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).
Headquartered in New York, Magzter has its offices in London, Singapore and Chennai. From its Chennai office, Magzter handles its technological operations which allows any publisher in the world to digitally publish content for a global audience.
Founded by Girish Ramdas and Vijayakumar Radhakrishnan in June 2011, Magzter helps magazine publishers around the world to offer digital editions of their titles to global consumers.
It has more than 16 million users and offers 3000 magazines from over 900 publishers. Few of its clients include Conde Nast, Newsweek, Bloomberg, Media24, India Today Group and SPH.
Competing with players like Zinio, Newshunt and Google and Apple’s apps for magazine distribution, funding from SPH and Kalari would indeed help Magzter to escalate its growth operations and position itself as an evolving player among players like Zinio. But given the potentially larger distribution of Apple and Google’s apps, it will always face a massive competition and find it hard to become a leading player in the kind of business the company is into.
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