New York-based digital magazine store Magzter 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 in 2011 by Vijayakumar Radhakrishnan and Girish Ramdas, has been available in India since October last year. 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 share 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 $3.5m. Since then the company has been growing at an enormous speed, according to Radhakrishnan, co-founder and president, Magzter.
“For the last few months we have seen 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 said.
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.
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