Ahmedabad-based Matrubharti, which offers a publishing platform to new and aspiring writers, has raised a seed funding of Rs. 20 lakh from Viridian Capital. The platform enables writers to publish their content in regional languages. It takes 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).
The company says that it has more than 1,800 authors registered and have published 4,350 eBooks, so far. By publishing over 450 eBooks every month, it has witnessed 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 also has a mobile 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.
Commenting on the seed funding, Mahendra Sharma, co-founder, 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.
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.