Pratilipi mops up about Rs 71 crore in Tencent-led funding round – ETtech

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 web large Tencent, in response to paperwork filed by the Bengaluru-based startup with the Registrar of Companies. According to the filings, Pratilipi’s current set of institutional backers, which incorporates Omidyar Network, Shunwei Capital and Nexus Venture Partners, have additionally participated in the corporate’s newest capital elevating.

As per the filings, which have been accessed by enterprise intelligence platform Tofler, the 5-yr-previous startup has allotted 4,162 Series C compulsorily convertible choice shares (CCPS) of face worth Rs 30 to the buyers 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, whereas Shunwei Capital and Omidyar Network, two current buyers in the corporate, have been allotted 317 and 254 Series C CCPS, respectively.

Bennett, Coleman & Co, the writer of The Economic Times, additionally participated in the round. Additionally, Tencent, which has backed a few of India’s prime know-how unicorns, comparable to Byju’s, Udaan, Swiggy and Dream11, has additionally picked up one fairness share in Pratilipi, which has a nominal worth of Rs 10 per share, at a premium of Rs 1.69 lakh per share, in response to the filings.

The newest round values Pratilipi at about Rs 716.5 crore, up from Rs 342 crore, in response to digital publication Entrackr, which was the primary to report the event.

This additionally comes about a yr after the corporate raised $15 million in its earlier round of funding, which was led by Chinese enterprise capital agency 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 studying platform for customers that additionally permits writers to publish their literary work.

According to a report by VCCircle, the corporate presently affords providers in 12 languages together with English, Hindi, Urdu, Bengali, Gujarati, Marathi, Tamil, Malayalam, Odia and Kannada.

Leave a Reply

%d bloggers like this: