Magzter fast-tracks with an investment from IUVP
May 11, 2012 in News
[prMac.com] New York, New York - Magzter, the fastest growing digital magazine store could become the iTunes of the magazine business if entrepreneurs Girish Ramdas and Vijayakumar Radhakrishnan have their way. Recently, Magzter Inc. has successfully raised Series A funding from Indo-US Venture Partners (www.iuvp.com) , a leading VC firm, focused on early-stage technology-enabled businesses.
Magzter has witnessed explosive growth in its user base and content addition; with over a million Magzter app downloads and over 400 magazines on the Magzter platform in the short duration of 3 quarters since its commercial launch.
Magzter is a cloud based digital newsstand that brings magazines to users across devices. The Magzter app is currently a free download for iPads, iPhones, Android devices and on the web at www.magzter.com. Magzter version 2.0 was recently launched with a slick new UI featuring stunning visuals, improved magazine discoverability, improved readability and social sharing which are game-changers for this sector.
The company has signed up top global publishers including Dennis Publishing (UK), Edipresse (Asia), India Today Group (India), Haymarket, and Black Enterprise (USA). Featured titles include reader favorites like Cosmopolitan, Marie Claire, Reader's Digest, AutoCar, Top Gear, Lonely Planet, Grazia, Hello! Ok! and several others. Magzter is unique in that they also have an offering to enable publishers who sign up on Magzter to have their presence on the Apple Newsstand enabling publishers to maximize their iOS device presence.
"Proliferation of handheld devices such as tablets and smartphones paves the way for exciting applications that enable new-age content consumption in new paradigms. Cloud-based, platform-agnostic applications such as Magzter would lead the way. The Magzter team has accomplished a lot in a short span of time and we are excited to be part of the journey as they scale across geographies and deliver value to the global publisher community and digital consumers.", said Rajesh Raju, Managing Director, IndoUS Venture Partners.
"We are committed to partnering with Magzter to deliver world-class solutions to the digital content distribution marketplace. The state-of-the-art technology platform is a key differentiator that makes it seamless for publishers to enable digital distribution with minimal investment, with support for self-help and the ability to go-live in a few hours across mobile access platforms. The foundation has been laid by Magzter to support access to a large, growing content repository with minimal incremental investment and support. The team has built credible excitement and traction and we look forward to working closely with them as they make progress", said Sampathkumar, Principal, IndoUS Venture Partners
"It will take the combined efforts of the core Magzter team and value-enabling investor partners to propel Magzter to the next level in its evolution. This understanding led us to partner with IUVP who have a stellar record of working closely and proactively with startups like Magzter. This would place us in an advantageous position to continue working closely with our publisher partners towards delivering a world-class user experience for their readers worldwide." said Girish Ramdas, Co-founder & CEO of Magzter.
"Magzter is currently in discussions with global majors like Time Inc., Hearst, Conde Nast and their global representatives to create new solutions for the global digital marketplace. The future is exciting as we see whole new capabilities and multimedia opportunities opening up for our users. We are committed to being ahead on the device evolution curve, in providing reliable, secure, scalable and market-leading offerings across device platforms(iOS, android etc.) for the first time ever" said Vijay, Co-founder and President of Magzter. "What makes Magzter unique is that we are positioned at the intersection of publishers, consumers, commerce and technology in an eminently scalable way that delivers value without significantly increasing costs. With self-service options and a robust delivery team, publishers can get their magazines digitally available across platforms with minimal costs and resources." continued Vijay.
"Funds from this round will go primarily to build our operations in key geographies and to deliver the next-generation experience to readers. We are very focused on building partnerships with publishers that allow for a superlative reader experience." said Girish
"In addition to a highly dedicated team that is working round-the-clock to grow the product and the brand the company has a core group of advisors on board already. Sree Srinivasan, Dean of Admissions at Columbia Journalism School in New York and Cyndi Stivers who used to be the Managing Editor of Entertainment Weekly owned by Time Inc. and currently the Editor-in-Chief of the Columbia Journalism Review have joined the Board of Advisors of Magzter and are working with the Magzter team on the latest trends in publishing, journalism and social media." he added.
* iPhone, iPod touch, and iPad
* Requires iOS 4.0 or later
* 3.1 MB
Pricing and Availability:
Magzter - Magazine Store 2.0.3 is Free and available worldwide exclusively through the App Store in the News category.
Download from iTunes
Download from GooglePlay
Magzter Inc. is a New York, USA based digital newsstand with over a million digital consumer base and a growing base of popular magazines. The company counts among its publisher customers some marquee names including, Dennis Publishing, UK, Edipresse Asia, India Today Group, Haymarket, Black Enterprise. The magazine titles on its Newsstand include Cosmopolitan, Marie Claire, Reader's Digest, AutoCar, Top Gear, Lonely Planet, Grazia, Hello! and 100s of other popular magazines. Magzter offers an ideal way to browse, buy, and read magazines on Apple iPad and iPhone, Android (Samsung Galaxy, etc) and the web. New titles from around the world are added every week and with 3000 magazine issues including popular free magazines available from across the globe makes Magzter truly the #1 choice for magazine readers and publishers around the World. Copyright (C) 2012 Magzter Inc. All Rights Reserved. Apple, the Apple logo, iPhone, iPod and iPad are registered trademarks of Apple Inc. in the U.S. and/or other countries.
Co-founder & President