Pressmart Media Ltd, a subsidiary of BSE HSE listed Bodhtree Consulting, has raised $6 million in funding from Draper Fisher Jurvetson and NEA Indo US Ventures. Vinod Dham, founder of NEA IndoUS Ventrues and Sateesh Andra, Venture Partner of DFJ have joined the Pressmart board. Pressmart primarly digitizes content from media companies - in the form of epapers, magazines etc. They also make the same content available on mobile (check out m.pressmart.net). To be honest, we were very skeptical of the business of e-papers and e-zines, and CEO Sanjiv Gupta took great pains to explain their business model to us. We'll have a full interview up tomorrow. Some excerpts: Plans Pressmart was spun off from BodhTree in 2006, and now has 350 clients in 35 countries. They're going to use the funding for marketing, and opening offices in US, UK, Dubai and Singapore. They've partnered with international publication associations, and are looking at printer, publisher and distributors as channel partners. Pressmart is targeting 5000 clients in the next 24-36 months. Revenue Targets The company is targeting revenues of Rs. 100 crores (around $23 Million) in 24-36 months. They have aggressive expansion plans - particularly targeting the North American market, which is already their largest market, and is expected to account for 30 percent of revenues. India isn't expected to contribute significantly - only around 5 percent. The expected revenue can be split as follows: the digital processing will form 70 percent of revenues in phase one (24 months), advertising revenue…
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