Tamil publishing firm nets venture capital

Chennai: A multinational venture capital fund has invested "sizeably" in New Horizon Media (NHM), a closely held corporation having published over 650 books that have sold 250,000 copies, its co-founder K. Satyanarayan said here Wednesday.

The company, however, refrained from giving details about the share of the company being given to Beacon India Private Equity Fund, the Indian subsidiary of the international $200 million Baer Capital Partners.

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Launched four years ago by a former founder of a major cricket website and two IIT graduates, Badri Sheshadri, Satyanarayan and Ananthkumar, NHM has published works of well known journalists and writers in three languages, Satyanarayan said.

"Our Tamil bestseller 'Alla Alla Panam' (a self-taught primer on the nuances of trading in the stock market) has alone sold over 80,000 copies since our inception. Each of our titles sells 2,000 copies a year and have reprinted at least twice," he told IANS.

Though the firm's forte is publishing in Tamil, its English, Malayalam and audio books are catching up, a company statement said.

The company owns seven imprints in three languages for different genres of books, it added.
Source: IANS