Ahmedabad-based eBook publisher Matrubharti has raised a seed funding of Rs. 20 lakh from Viridian Capital. The startup offers a publishing platform to new and aspiring writers in regional languages by taking content directly from authors and publishing it as an eBook.
The new funding will be used for investment in technology and expanding the team. Incubated at the Espark-Viridian Accelerator Centre at GIFT City (Gujarat International Finance Tec-City), Matrubharti has more than 1,800 authors registered and have published 4,350 eBooks, so far.
The company publishes over 450 eBooks every month with 7.5 lakhs of eBooks downloaded so far. Published in six languages so far, Matrubharti plans to publish eBooks in 21 languages. It publishes stories, novels, articles, biographies, poems and essays in e-book form. It has an app through which customers can download the e-books. The firm uses patent-pending low-cost technology for producing these digital rights protected e-books.
A recent survey by Nielsen India revealed that India's book market, currently the sixth largest in the world at Rs 26,100 crore, is likely to touch Rs. 73,900 crore by 2020.
Matrubharti competes with Chennai- and US-based Magzter Inc., which runs digital magazine store Magzter.com.
Viridian Capital is an arm of Viridian Group and focuses on the private equity real estate space. In June 2015, Viridian Group had tied up with Scotland’s Entrepreneurial Spark to launch an accelerator programme for emerging startups in India.
Image Source: ShutterStock
The new funding will be used for investment in technology and expanding the team. Incubated at the Espark-Viridian Accelerator Centre at GIFT City (Gujarat International Finance Tec-City), Matrubharti has more than 1,800 authors registered and have published 4,350 eBooks, so far.
The company publishes over 450 eBooks every month with 7.5 lakhs of eBooks downloaded so far. Published in six languages so far, Matrubharti plans to publish eBooks in 21 languages. It publishes stories, novels, articles, biographies, poems and essays in e-book form. It has an app through which customers can download the e-books. The firm uses patent-pending low-cost technology for producing these digital rights protected e-books.
A recent survey by Nielsen India revealed that India's book market, currently the sixth largest in the world at Rs 26,100 crore, is likely to touch Rs. 73,900 crore by 2020.
Matrubharti competes with Chennai- and US-based Magzter Inc., which runs digital magazine store Magzter.com.
Viridian Capital is an arm of Viridian Group and focuses on the private equity real estate space. In June 2015, Viridian Group had tied up with Scotland’s Entrepreneurial Spark to launch an accelerator programme for emerging startups in India.
Image Source: ShutterStock
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