Digital Magazine Store Magzter Raises $10 Mn
Bangalore: Magzter, the digital magazine store has raised $10 million in series B funding which will be used for the global expansion of the company, the strategy that is built around local editions and to start new verticals, reports The Times of India.
The digital magazine store and newsstand provides its service to over 16 million users and is planning to expand their digital books collection to one million by early 2014 says a company statement. Magzter had launched their app in 2011 with which anyone can browse, preview and purchase magazines of their choice with a single touch. The magazines that are purchased can be read on any of your smart device. Headquartered in New York, and entrepreneured by Girish Ramdas and Vijayakumar Radhakrishnan Magzter has offices in London, Chennai and Singapore.
The statement also included that "Magzter Inc has raised $10 million in round of Series B funding. This new round of funding is led by a wholly-owned subsidiary of Singapore Press Holdings Ltd and existing investor Kalaari Capital (Kalaari)"