Digital magazine store Magzter raises $10 m

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Thursday, December 12, 2013
Published On: 13:40:00 PM

Magzter Inc., a New York-based online magazine store which has roots in Chennai, on Tuesday, said it had picked up $10 million in its second round of funding.

This new round, which is led by a wholly-owned subsidiary of Singapore Press Holdings Ltd. (SPH) and its existing investor Kalaari Capital, takes the total amount of funding raised to roughly $13 million.

Magzter, which was co-founded by entrepreneurs Girish Ramdas and Vijaykumar Radhakrishnan in 2011, has more than 16 million users, and offers a global catalogue of 3000 magazines.

'This whole process has taken around three-to-four months. Much of the money will be used in global expansion and hiring people for technology and sales,' said CEO Girish Ramdas.

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