Pratilipi Raises $48 Million in Funding - Krafton Leads Investment

Pratilipi Secures $48 Million in Funding Led by Krafton

Pratilipi, an India-based startup operating a digital storytelling platform, announced on Wednesday that it has successfully secured $48 million in a new funding round. This investment was spearheaded by Krafton, a prominent South Korean gaming company.

Series D Funding and Total Investment

Krafton’s leadership in this Series D round brings Pratilipi’s total funding raised to date to $78.8 million. The Bangalore-based startup, established seven years ago, is poised for further expansion.

Investor Participation

Alongside Krafton, existing investor Omidyar Network India participated in the round. A number of well-known entrepreneurs also contributed, including Ranjeet Pratap Singh, Pratilipi’s CEO, as well as leaders from Unacademy, Locus, Meesho, Udhyam, and NoBroker.

From Reading Platform to Content Ecosystem

Pratilipi initially launched as a platform for reading and writing, focusing on stories in various Indian languages. The company aimed to provide a space for high-quality literary works in these languages, which were previously underrepresented online, according to Singh.

Growth and User Base

Over time, the platform has become a leading force in the market. Currently, over 370,000 writers utilize Pratilipi to share their creations in a dozen different languages. More than 30 million readers engage with the platform monthly.

Monetization Options for Writers

Writers on Pratilipi have the flexibility to offer their work to readers either free of charge or through a subscription model. However, new avenues for monetization are continually emerging.

Expanding into New Formats

Pratilipi has broadened its scope beyond its initial platform, venturing into book publishing, audio content, and comics. The company employs unique algorithms to identify promising stories that could be adapted into books or web series, subsequently acquiring the intellectual property from the writers.

Strategic Acquisitions and Partnerships

The startup recently acquired IVM Podcasts, a leading podcast network in the local market. Furthermore, Pratilipi has established partnerships with major industry players, including MX Player, which featured Pratilipi’s show “Midnight Lily” earlier this year.

Investor Confidence in Pratilipi’s Vision

“We’ve been involved with Pratilipi’s development since its early stages,” stated Pratik Poddar, principal at Nexus Venture Partners. “We’ve observed the team’s dedication to product development, their commitment to creator success, and their astute understanding of content IP monetization across diverse formats.”

Future Plans and Funding Allocation

Pratilipi’s Singh indicated that the new funding will be used to strengthen partnerships and invest in building an internal publishing infrastructure. Collaboration with Krafton, the company behind Battlegrounds Mobile India, will focus on developing narratives suitable for integration into global gaming franchises.

Rising Demand for Original Stories

The demand for original storytelling is increasing rapidly in India, with numerous streaming services and publishing houses actively engaging with Pratilipi. The company intends to continue collaborating with ecosystem partners and expanding its expertise in existing formats.

International Expansion on the Horizon

Pratilipi also intends to utilize the funds to expand its reach beyond India. A portion of its current user base already resides outside the country. The company plans to proactively engage with creators and readers in new markets.

Krafton’s Increased Investment in the Indian Market

Wednesday’s announcement also highlights Krafton’s growing commitment to the Indian market. Sources indicate that the company has been exploring potential acquisitions of several gaming studios in recent months. Previously, Krafton led a $22.4 million investment in Nodwin and co-led a $9 million round in Loco.

Krafton’s Perspective on Pratilipi’s Potential

“We are impressed by the growth of Indian-created content in online literature, comics, and audio platforms, particularly Pratilipi’s position as a market leader in India,” said Sean Hyunil Sohn, head of Krafton’s India division.

Long-Term Vision and Global Ambitions

“Pratilipi’s multilingual platform positions it for significant growth in emerging markets. Krafton believes in the long-term potential of Indian intellectual property, which can achieve success not only within India but also globally across various formats, including literature, comics, and gaming. Our investment in Pratilipi is a step towards realizing this vision.”