Tencent leads $9.4m funding in Indian self-publishing platform Pratilipi

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Bengaluru-based self-publishing platform Pratilipi, operated by Nasadiya Technologies Pvt. Ltd, has raised about $9.4 million (Rs 70.70 crore) in its Series C funding round led by Chinese conglomerate Tencent Holdings Ltd.

The funding round also saw the participation of Omidyar Network, Chinese venture capital firm Shunwei Capital, Indian media conglomerate Bennett Coleman & Co Ltd (BCCL), and Nexus Venture Partners, according to the company’s filings sourced by Paper.vc.

Pratilipi has issued a total of 4,162 Series C compulsorily convertible preference shares (CCPS) to the investors at a nominal value of Rs 30 and a premium of Rs 1.69 lakh, per the filings. Tencent Cloud Europe B.V. has subscribed to 3,379 CCPS in exchange for an investment of Rs 57.40 crore in the startup while Shunwei has invested Rs 5.38 crore in the round. Tencent has also picked up one equity share in Pratilipi at a Rs 10 nominal value and a premium of Rs 1.69 lakh.

Omidyar Network-led ON Mauritius subscribed to Series C CCPS for Rs 4.31 crore while Nexus Ventures IV Ltd and BCCL have pumped in Rs 1.80 crore each for 106 Series C CCPS in Pratilipi.

Established in 2014, Pratilipi (that means ‘you become what you read’ in Sanskrit) deals with original works such as stories, poetry, essays and articles, penned down by both professionals and hobbyists. It claims to have over 800K stories written by about 100K users. Currently, the number of its active monthly readers stands at 5.2 million.

The startup raised about $15 million in a funding round led by China-based venture capital Qiming Venture Partners in June last year. The startup raised its Series A funding worth $4.3 million in February last year, led by Omidyar Network.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.