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Pressmart gets Rs 26cr VC funding

BS Reporter  |  Chennai/ Hyderabad 

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 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 CEO Sanjiv Gupta said 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.

“We are now targeting a revenue of Rs 100 crore in three years,” he said. The company last year registered about Rs 40 lakh. The company has also tied up with a mobile manufacturer to bundle its applications with three new models, he said.

First Published: Fri, September 05 2008. 00:00 IST