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Pressmart gets Rs 26cr funding

BS Reporter  |  Chennai/ Hyderabad 

Hyderabad-based Pressmart Media Limited, a print-to-digital delivery service company, secured a $6-million (about Rs 26 crore) venture capital funding from Draper Fisher Jurvetson and NEA IndoUS Ventures.

Pressmart will use the amount for marketing and expanding activities.

These include setting up offices in the US and UK besides reaching out to 5,000 media houses from the present 350 in 35 countries, in three years.

Pressmart chief executive officer Sanjiv Gupta said here on Thursday that the company had been sampling its software-as-a-service (SaaS)-based e-publishing and digitisation services for two years since inception and was now focusing on scaling up operations.

“We are targeting a revenue of Rs 100 crore in three years,’’ he said, adding there was traction in the media industry as digital presence was becoming the norm.

The company last year registered a revenue of about Rs 40 lakh.

The company has also tied up with a leading mobile manufacturer to offer Pressmart applications bundled with three new models that will be launched shortly, he said without giving further details. This will enable the gadget users to access mobile newspapers and mobile advertisers.

Sateesh Andra, venture partner of Draper, and Vinod Dham, founding managing director of NEA-IndoUS Ventures, have been inducted on Pressmart’s board.

Gupta said the company had already converted 400 years of newspapers, magazines and others records into digital records.

First Published: Thu, September 11 2008. 00:00 IST
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