Singapore andd New York, December 12, 2013 – Indian enterprise-fuelled and New York headquartered Magzter, the largest and fastest growing cross-platform, global digital magazine store and newsstand, has attracted a $ 10 million investment from Kalaari Capital, a subsidiary of Asian media group Singapore Press Holdings (SPH), best known as the publishers of the Straits Times newspaper.
The funding will primarily be utilized for further expansion and entry in to digital books. Magzter aims to have one million digital books available on its platform by early 2014.
In just over two years, Magzter has more than 16 million users from more than 200 countries, and offers a global catalog of over 3000 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.
Magzter was co-founded by the company’s Chief Executive Officer, Girish Ramdas and President, Vijayakumar Radhakrishnan in 2011. It allows any publisher in the world 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 has rapidly scaled to also become the world’s largest creator of Apple Newsstand apps.
Says Girish Ramdas, CEO, Magzter: “Magzter has become a global leader in digital magazines and the investment from SPH and our existing investor Kalaari is perfectly in line with our expansion plans since SPH is a regional powerhouse and a significant player in the global publishing industry. With this new investment we look forward to growing to be the number one digital reading destination in the world!”
Adds Deborah Lee, Executive Vice-President, Corporate Development, SPH: "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. We are excited to be part of this round of funding and see great potential in Magzter for future growth."