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.