Matrubharti Technologies Pvt Ltd a Bangalore based e Book publisher has raised a funding of Rs 20 lakh as seed funding from Viridian Capital. The funds will be used in up gradation of technology and to expand its team.
Matrubharti was founded by Nilesh Shah and Mahendra Sharma. It is a self publishing platform which publishes novels, stories, peoms, essays, articles and biographies in 6 India languages in the form of an e-book. It plans to add upto 21 regional languages. Users can also download e-book with its app.
It claims to have published 4,350 e-books till date and have around 1800 authors registered authors on its site. So far around 7.5 lakhs e-books have been downloaded and around 450 e-books are published every month.
Mahendra Sharma co-founder of Matrubharti said
“Investment by Viridian Capital in our firm is a testimony that we have a business model which is likely to grow at a healthy rate. Matrubharti offers a digital platform to new and aspiring writers, which is our unique selling proposition among digital publishers.”
Nielsen a market research agency have revealed by a survey that India has the 6th largest book publishing market in the world with Rs 26,100 crore and by 2020 it will reach upto Rs 73,900.
The startup is in direct competition with US and Chennai based Magzter Inc, which runs Magzter.com a digital magazine store.
Viridian Capital is a part of Viridian Group based in Ahemdabad focusing on the private equity real estate space. It expertise in real estate development, fund management, venture capital segments and financial services. It also provides entrepreneurship development services including acceleration, incubation, mentorship, investor relations, infrastructure support, exit supports, catalyzing capital and others.