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IndoUS Venture Partners backs New York-based digital magazine store

  • Alvina Yuen
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IndoUS Venture Partners has invested in New York-based digital magazine store Magzter in a Series A funding round. The investment is estimated at $3-5 million.

Established by Vijaykumar Radhakrishnan and Girish Ramdas in June 2011, Magzter claims to house around 400 magazines from India, Singapore, Dubai, Malaysia, the US and the UK. The digital magazine store also allows publishers to digitize their publications and sell those to global users through Amazon's Cloud platform.

Currently, Magzter has digital magazines for iPhone, iPad and Android. Newer versions of Android, BlackBerry, Windows Mobile, Symbian and BADA are expected to come soon.

The capital raised will be used for increasing sales across different geographies, Radhakrishnan told Techcircle.in.

The company is also planning to raise a Series B round of funding in the next 10 months to tap $10-15 million for its upcoming expansion. One of the initiatives includes establishing HTML 5 support for all magazines, in a move to advance the interactivity of its advertisements. The company is also developing an online marketplace for advertisers and publishers.

"Currently, not much exclusive advertisement is happening as far as digital magazines are concerned. Whatever ads you find are the ones published in the print editions. We are looking to change that by creating this marketplace where both parties can interact," Radhakrishnan added.

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