They're offering a catalog of paid and free ebooks from over 50 regional publishers in a number of Indian languages, including Malayalam, Marathi, Hindi, Tamil, and English. The ebooks can currently be read on NewsHunt's Android app, with support coming to their iPhone and Windows Phone apps in the near future.
Newshunt also offers access to over 100 Indian newspapers in 11 languages, including offering localized news feeds for over 600 districts and towns in India. The Newshunt apps are free (but ad-supported), but the ebooks are sold with payment processing handled by using either credit/ debit cards or using mobile balance using iPayy, a carrier billing solution.
Newshunt is moving into a very different market from the one they know, and they're facing tight competition. In addition to local competitors like Flipkart and Infibeam, Kobo, Amazon, and Google have opened ebookstores in the subcontinent.