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Pratilipi, a vernacular digital platform in India, has raised $48 million in a round headed by Krafton.
Unsplash photo by Gaelle Marcel
Tarush Bhalla contributed to this article.
14th of July, 2021
Pratilipi, a vernacular digital platform, announced on Wednesday that it has raised $48 million (around 357 crore) in a series D funding round headed by South Korean gaming giant Krafton Inc.
Existing investors, including Omidyar Network India, and a slew of startup entrepreneurs, including Unacademy’s Hemesh Singh and Gaurav Munjal; Delhivery’s co-founder Sahil Barua; Meesho’s co-founder Vidit Aatrey; and Udhyam’s Mekin Maheshwari, took part in the round.
Ranjeet Pratap Singh, co-founder and CEO of Pratilipi, took part in the fundraiser as well.
Pratilipi has now raised a total of $78.8 million in funding through its series D round.
The funds will be used to improve the firm’s intellectual property (IP) and expand its products across several formats, including audio books, podcasts, comics, web series, movies, and games, according to the company. A portion of the funds will be used to expand into new international markets.
Krafton will also collaborate with Pratilipi to discover the greatest stories that can be translated for its worldwide gaming franchises as part of the investment.
The six-year-old company is an Indian-language storytelling platform that includes Bengali, Marathi, Malayalam, Tamil, Kannada, Urdu, and Telugu.
It began as an online reading and writing platform for Indian languages, and today claims to have over 370,000 writers and 30 million monthly active readers across 12 Indian languages.
“We’ve made a lot of progress over the last 12-18 months, expanding into new media and creating new ways for our creators to succeed. “We are delighted and blessed to work with Krafton, which shares our passion for great storytelling and intellectual property,” Singh added.
Pratilipi has developed two new products, Pratilipi FM and Pratilipi Comics, and purchased two firms, IVM Podcast and The Write Order, in the last 18 months. According to the corporation, its comics and FM offers have 850,000 and 300,000 monthly active users, respectively.
It has also begun collaborating with ecosystem partners to offer compelling, high-quality literary content in a variety of mediums, including traditional books, web series, and animation.
“In Pratilipi, it’s thrilling to observe the emergence of Indian native IPs in online literature, cartoons, and music. With a multilingual platform for online literature currently in place, Pratilipi is positioned to become one of the most powerful players in growing markets in the future. Sean Hyunil Sohn, head of Krafton’s India division, stated, “Krafton believes in the long-term potential of local Indian IPs that can be successful not just in India but globally.”
According to Reuters, the news comes as gaming giant Krafton Inc. considers going public and recently reduced its listing target to $3.09 billion.
“Over the last six years, Pratilipi has aided in the development of a thriving online literature ecosystem in 12 Indian languages. They’ve aided in the development of hundreds of thousands of writers by providing them with a platform that attracts a large audience and engages millions of readers with high-quality literary content. Aditya Misra, principal at Omidyar Network India, said, “We are thrilled to make our fourth consecutive investment in Pratilipi.”
Pratilipi raised $20 million in debt from venture debt provider Alteria Capital in June.
The original version of this article appeared on livemint.com.
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