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June 14, 2016

Viridian Capital funds Matrubharti

 
 

Matrubharti , an ¬†eBook publisher based out of Ahmedabad,  has received seed funding of INR 2 million from Viridian Capital. The publisher offers a platform to the new and aspiring writers of regional languages. The authors give their content directly to Matrubharti for publishing their writing as an eBook.

The seed funding received from Viridian will be used by the company for investment in technology and expanding its current team. Nurtured at the Accelerator Centre established by Espark-Viridian at GIFT City, Matrubharti now boasts of more than 1,800 registered authors and have been successful in publishing around 4,350 eBooks.

As per a recent survey by Nielsen India, the book market in India is currently 6th in the world at Rs 26,100 crore. The survey agency, which is one of the leading agencies engaged in survey activities, has pegged the book market in India to be worth INR 73,900 crore by the year 2020. The survey further states that approx. 70% of Indian publishers have digitised their content to produce eBooks. The digitization has taken acceleration in recent years so as to reach the target customers through a digital medium.

Mahendra Sharma, co-founder of Matrubharti, commented on the seed funding by Viridian. He commented that the investment by Viridian Capital in Matrubharti is a testimony to the digital business model of Matrubharti which is also a unique selling proposition. The company is hopeful that the focus on Digital India and digitization will lead to a healthy growth rate for the company.

Matrubharti offers a premium subscription model to its readers. This model allows readers to download unlimited eBooks during a specified period. Such an offering reduces the overall cost of an eBook for the readers.

Matrubharti has gained momentum and now publishes around 450 eBooks on a monthly basis. The subscribers have downloaded around 7.5 lakhs eBooks.

The Company is currently growing at a pace of 20% month on month which it expects to sustain over the next year. The focus on Digital India, smart phones, e-book readers is projected to increase the demand for eBooks in the near future.

 

Currently, the publication is done in 6 regional languages and the company plans to expand its horizon and start publishing eBooks in 21 regional languages.

This will ensure that the company can reach a larger customer base.

 

 

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