Pratilipi mops up about Rs 71 crore in Tencent-led funding round
Nasadiya Technologies, which owns and operates regional language self-publishing platform Pratilipi, has raised about Rs 71 crore in its Series C round, led by Chinese internet giant Tencent, according to documents filed by the Bengaluru-based startup with the Registrar of Companies.

According to the filings, Pratilipi’s existing set of institutional backers, which includes Omidyar Network, Shunwei Capital and Nexus Venture Partners, have also participated in the company’s latest capital raising.

As per the filings, which have been accessed by business intelligence platform Tofler, the five-year-old startup has allotted 4,162 Series C compulsorily convertible preference shares (CCPS) of face value Rs 30 to the investors at a premium of Rs 1,69,835.87 per share.

Tencent Cloud Europe BV, a Netherlands-registered entity, has been allotted 3,379 Series CCPS, for a consideration of Rs 57.40 crore, while Shunwei Capital and Omidyar Network, two existing investors in the company, have been allotted 317 and 254 Series C CCPS, respectively.

Bennett, Coleman & Co, the publisher of The Economic Times, also participated in the round.

Additionally, Tencent, which has backed some of India’s top technology unicorns, such as Byju’s, Udaan, Swiggy and Dream11, has also picked up one equity share in Pratilipi, which has a nominal value of Rs 10 per share, at a premium of Rs 1.69 lakh per share, according to the filings.

The latest round values Pratilipi at about Rs 716.5 crore, up from Rs 342 crore, according to digital publication Entrackr, which was the first to report the development.

This also comes about a year after the company raised $15 million in its previous round of funding, which was led by Chinese venture capital firm Qiming Venture Partners.

Founded in 2015 by Faculty of Management Studies alums Ranjeet Pratap Singh and Sankaranarayanan Devarajan, BITS alum Prashant Gupta, Sahradayi Modi and Rahul Ranjan, Pratilipi is a discovery and reading platform for users that also allows writers to publish their literary work.

According to a report by VCCircle, the company currently offers services in 12 languages including English, Hindi, Urdu, Bengali, Gujarati, Marathi, Tamil, Malayalam, Odia and Kannada.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here