Scribd is a document sharing website that has about 50 million monthly users and has about 50,000 documents uploaded daily.  The company was rolled out of Y-Combinator and eventually raised funding from Redpoint Ventures, Charles River Ventures, and The Kinsley Hills Group.  It was recently announced that Scribd signed an agreement with major publishing companies to host free e-books.

Through Scribd, users can upload PDFs, DOCs, and other text files.  Scribd then presents the document in a web Flash format.

Scribd signed agreements with Random House, Simon & Schuster, and Workman Publishing Co.  The terms of the agreement was undisclosed.  Scribd will provide a variety of book material at no cost.  This includes excerpts from books and even full books.  Full novels without much of an audience will be the ones made free.

[via Ars Technica]