US-based Magzter Inc, a digital magazine newsstand, plans to raise around USD 30 million (about Rs 195 crore) towards series C funding to finance its expansion plans.
“We have raised USD 3 million and USD 10 million as part of series A & B funding, respectively, and now looking at raising around USD 30 million through series C to fund our growth plans,” Magzter Inc President and co-founder Vijay Radhakrishnan told PTI here.
Radhakrishnan along with another Indian-origin entrepreneur Girish Ramdas founded Magzter Inc in 2011.
All leading publishing houses from India and abroad are available on Magzter and company hopes to reach out to Indians subscribers through its online advertising platform, Radhakrishnan said adding the firm is targeting an annual revenue of USD 100 million from advertising within next three years.
Magzter also announced the creation of an ad network for the magazine titles inside its iOS and Android mobile apps. It will enable advertisers to reach out to millions of potential customers by showcasing interactive advertisements inside the most sought after digital magazines.
The magazine newsstand offers to its 28.5 million digital consumers more than 7,800 magazines from over 3,000 publishers, out which 1,800 are Indian, he said.
The New York-headquartered Magzter has its local offices in Chennai, London, Paris, Barcelona, Amsterdam, Helsinki, Mexico City and Singapore, and will soon be expanding to other countries, he said.
“Magzter has recently partnered with SPH, Singapore for advertising business and the latter will be representing Magzter in Singapore and South East Asia,” he informed.
MD of SPH Magazines, Joseph Lee said: “We are excited to represent Magzter in Singapore region to get advertisers onboard. Magzter has developed an excellent advertising platform for digital magazines and we were privileged to use it for the last 3 months…”