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Magzter raises Series A from Indo-US Venture Partners; looking at $10-15 mn more funding

US-based digital mobile magazine store Magzter has received
a Series A funding from Indo-US Venture Partners and is looking for more
funding. The company is reportedly looking at $10-15 million funding from

US-based digital mobile magazine store Magzter has received
a Series A funding from Indo-US Venture Partners and is looking for more
funding. The company is reportedly looking at $10-15 million funding from
strategic investors, who has knowledge and understanding of digital publishing.

“We are looking at next level of funding in the range of
$10-15 million from strategic investors, who has knowledge and understanding of
digital publishing. Though we had started with magazines, but going forward, we
are looking to bring newspapers and entertainment content on our platform,” Vijaykumar
Radhakrishnan, Co-Founder and President, Magzter has said.

Magzter was launched in June 2011 with the idea to provide
an easy way to browse, buy and read magazines and periodicals in a digital
format that can be accessed on mobile devices such as tablets, smartphones as
well as on its portal.

According to the comoany, in just 10 months
since the launch, Magzter has 2.5 million register users, among them US topped
with 700,000-800,000 users followed by India, UK and other South Asian
countries like Singapore, Malaysia and others. Interestingly, around 600,000
iPad users access Magzter in India.

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