We've completed our second round of funding. This press release went out a short while ago.
Indian language book publisher, New Horizon Media, raises second round of investment
To put out more titles and fund expansion and growth across multiple Indian languages
Chennai, India, May 06, 2008:
New Horizon Media (NHM), a Chennai based multi-language, multi-format book publisher announced that it has received a minority investment from Beacon India Private Equity Fund as part of its second round of funding. This round also saw investments from existing promoters as well as Emergic Venture Capital, which had invested earlier in NHM in 2006 in the first round.
New Horizon Media currently publishes general books across genres as well as audio books in Tamil, English and Malayalam and plans to expand its publishing programme to all the important Indian languages over time. With four Tamil imprints, New Horizon Media is now the leading Tamil publisher both in terms of number of new titles published as well as sales.
Our rapid growth in Tamil publishing has been driven by innovative titles, high quality packaging and production, affordable pricing and effective distribution. The titles are a hit with readers. We intend to expand into various other Indian languages across the rest of India, said Badri Seshadri, Managing Director.
This round of funding will help New Horizon Media put out more titles in Tamil, Malayalam and English, strengthen sales and distribution in Tamil Nadu and Kerala and grow its distribution network across India for its English titles.
Added K. Satyanarayan, Director, New Horizon Media, This investment by Beacon India Private Equity Fund is the first venture capital investment in the Indian book publishing industry. It points to the tremendous growth opportunitiesfor the book publishing in India, with the infusion of capital into the industry.
We are extremely excited about the opportunity in Indian language content in India and the strong leadership of the NHM team. In a short span of time, they have been able to publish innovative titles that are in tune with readers' interests,and drive sales and marketing efforts," said Deepak Shahdadpuri, Managing Director, Beacon India, who joins the NHM board.
About New Horizon Media
New Horizon Media (NHM) is a Chennai, India-based publishing house promoted in 2004 by Badri Seshadri, K. Satyanarayan and R. Ananthkumar. NHM is a multi-language, multi-format publisher of both fiction and non-fiction through printed books, audio books, DVDs, the Internet and mobile platforms. NHM currently publishes in Tamil, English and Malayalam. NHM is headquartered in Chennai and has editorial offices in Chennai and Trivandrum.
Badri Seshadri and K. Satyanarayan were both educated at IIT Madras and Cornell University, USA. Both of them were earlier part of the team of co-founders of Cricinfo.com, the world's leading cricket website, which was sold to the UK-based Wisden Group in 2003. R. Ananthkumar is a software engineer based in Texas, USA.
New Horizon Media's imprints (For more information visit www.nhm.in)
About Beacon India Private Equity Fund
The Beacon India Private Equity Fund is a $200 million private equity fund sponsored by Baer Capital Partners. Beacon looks to invest in growth companies across sectors with bias for consumer, infrastructure and businesses benefiting from India's competitive edge. This is the Fund's fifth investment. Past investments include art auction business Saffronart, real estate developer Vatika Ltd, power EPC company A2Z Maintenance & Engineering and food services business Impresario Holdings.