Digital magazine store Magzter has raised $10 million in Series B funding from a unit of Singapore Press Holdings and existing investor Kalaari Capital.

Magzter seeks to utilise the capital raised for expanding into newer geographies and venturing into digital books.

The New York-headquartered Magzter, with its Indian office in Chennai was co-founded by the company’s Chief Executive Officer Girish Ramdas and President Vijayakumar Radhakrishnan. The company aims at having a million digital books available on its platform by early 2014.

Deborah Lee, Executive Vice-President, Corporate Development, Singapore Press Holdings (SPH), said, “Investing in Magzter Inc is an opportunity for us to enter into yet another new platform for content delivery and is part of our strategy to enhance content creation and distribution.”

In Singapore, SPH has 19 titles licensed under the Newspaper Printing and Presses Act, of which nine are daily newspapers across four languages. Beyond print, the Internet editions of SPH newspapers enjoy over 300 million page views with 20 million unique visitors every month. 

Magzter has over 16 million users from more than 200 countries. It offers a catalogue of over 3,000 magazines in more than 30 languages globally.