Magzter Inc., which has created the fastest growing cross-platform, global digital magazine store and newsstand, has raised a $10 million round of Series B funding. This new round of funding is led by a wholly-owned subsidiary of Singapore Press Holdings Ltd (SPH) and its existing investor Kalaari Capital (Kalaari). The funding will primarily be utilised for further expansion and entry in to digital books.
In just over two years, Magzter has more than 16 million users from more than 200 countries, and offers a global catalog of over 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 company set a target to have one million digital books available on its platform by early 2014.
Magzter was co-founded by the company’s Chief Executive Officer, Girish Ramdas and President, Vijayakumar Radhakrishnan in 2011. It allows any publishers to digitally publish for a global audience. With headquarters in New York, sales offices and teams in the UK, France, Germany, South Africa, Singapore and a back-office in India, Magzter is also the world’s largest creator of Apple Newsstand apps.
Girish Ramdas, CEO, Magzter commented that the investment from SPH and our existing investor Kalaari is in line with company’s expansion plans since SPH is a regional powerhouse and a significant player in the global publishing industry. With this new investment the company look forward to growing to be the number one digital reading destination in the world!.
Vijayakumar Radhakrishnan, President, Magzter added this Series B funding will be used for company’s plans to further expand our business by offering new services, content types like digital books and enter new geographies.
Deborah Lee, Executive Vice-President, Corporate Development, SPH, says "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.