Digital newspaper delivery company Pressmart has lined up US$6 million in funding to drive further growth.
The company says the backing from US venture capital firms Draper Fisher Jurvetson and NEA IndoUS Ventures will support its next phase of growth. This investment will accelerate Pressmart's global footprint and the resources, expanding its global sales, marketing, and customer-support presence across 35 countries where it currently serves over 350 print media customers.
Making the announcement, chief executive Sanjiv Gupta said adoption of the company’s print-to-digital service over the past 24 months had been “remarkable”.
“Apart from leading international publishing houses, we are vendors to some of the most respected global associations including WAN, SNA and NNA.
“This investment will help Pressmart amplify its global position in authenticated, published, structured, audit-trailable and aggregated content, distributed over new media channels rapidly."
The company claims worldwide print readership is in excess of 1.4 billion readers daily and the worldwide publications (including daily, weekly, monthly, quarterly, annual, large newspapers, community publications, journals, etc.) is in excess of 1.62 million. In India alone 150,000 publications are registered with RNI.
Draper Fisher Jurvetson venture partner Sateesh Andra and Vinod Dham, founding managing director of NEA-IndoUS Ventures have joined Pressmart’s board of directors.