New York-based digital magazine store Magzter Inc. claims to have more than doubled its user base to six million in the last nine months and counts 35 thousand downloads a day, on an average.
Magzter, set up two years ago by Vijayakumar Radhakrishnan and Girish Ramdas, has been available in India since October 2011. It now has around 1,500 magazines from India, Singapore, the UAE (Dubai), Malaysia, the US and the UK. Hosted on Amazon's Cloud platform, Magzter also enables publishers to digitise their publications and sell those to global users. Although the digitisation platform is free for all publishers, there is a 50-50 revenue sharing on sales.
Magzter raised its series A last year from Kalaari Capital (then known as Indo-US Ventures). Though the amount was not disclosed, it was in the bracket of $3-5 million. Since then the company has been growing at an enormous speed, according to Radhakrishnan, co-founder and president, Magzter Inc.
"For the last few months we are seeing about 1.2 million downloads a month. We also released our apps for Android and Windows 8 sometime back. The most popular medium, though, remains the iPad," he informed.
Radhakrishnan said Magzter is soon looking to launch books and comics on their platform. "We should be able to launch two new additions to the portfolio, books and comics, by end of March this year," he said. The online advertisement marketplace for publishers will also be launched by the end of this year.
The company is now looking to raise a Series B for its expansion plans. Earlier talking to Techcircle, Radhakrishnan had stated that Magzter might look to raise $10-15 million and rope in international investors on board to fuel its global plans. He had also disclosed that existing investor Kalaari Capital would be a part of the round.
(Edited by Prem Udayabhanu)