The existing backers, Nexus Venture Partners, Omidyar Network India, Shunwei Capital, Contrarian Vriddhi Fund, and WEH Ventures also participated in the round which takes the total amount secured by the five-year-old firm to $21 million. Prior to this round, Omidyar Networks had led a $4.3 million Series A funding for the firm in February last year.
Launched by Prashant Gupta, Rahul Ranjan, Ranjeet Pratap Singh, Sahradayi Modi and Sankaranarayanan Devarajan in 2015. The platform allows the Indian writers to express themselves through writing. The firm claims to have 100,000 users who have written over 800,000 stories in nine languages including Tamil, Bengali, and Marathi. The platform has more than 5 million active readers. The fresh funds will help the firm improve the technology infrastructure and help them work on its recommendation and personalization engines.
Helen Pei-Hua Wong, partner at Qiming Venture Partners commenting on the financing said, “In China, we have seen the growth of user-generated content platforms, some of which became the main source of entertainment for millions of internet users. “Pratilipi is well positioned to capture the next wave of internet users in India, who prefer to consume content in their own vernacular languages. The company has already built a strong community of readers and writers, and network effects provide strong barriers to entry.”
Nexus Venture Partners' vice president Pratik Poddar talking about the content segment said, We have been seeing a huge surge in consumption in many content platforms and strongly believe that this is still just the beginning for Indian content story.”
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