When contacted, Pratilipiwhich offers content in regional languagessaid it was well-funded and did not need to raise fresh capital immediately
Bengaluru: Regional language publishing platform Pratilipi is in talks to raise $15-20 million in fresh capital from new and existing investors, including Omidyar Network and Nexus Venture Partners, two people close to the development said. One of the new investors could be a Chinese investment firm, the people cited above said. Mint could not immediately ascertain the name of the investor. Both of them requested anonymity as the discussions were confidential.
When contacted, Pratilipi said it was well-funded and did not need to raise fresh capital immediately. “While we continue to talk to various investors at all times, we are not actively raising money and there is nothing conclusive for our Series B round yet. Whenever we do raise our Series B, I am confident that our existing investors will participate in a meaningful manner," said Ranjeet Pratap Singh, co-founder and CEO, Pratilipi, in an e-mail response.
Chinese venture capital firm Shunwei Capital has invested in major Indian language content companies, including social media app ShareChat, short video app Clip, and question-and-answer platform Vokal. Pratilipi was incorporated in 2015 by ex-Vodafone executive Singh, Sankaranarayanan Devarajan, Rahul Ranjan, Sahradayi Modi and Prashant Gupta.
In earlier interviews with Mint, Singh had said that he came up with the idea when he was unable to find any platform to read books in Indian languages.
Pratilipi, which is one of the fastest-growing platforms in the vernacular publishing space, allows users to create and share content in nine local languages, including Hindi, Gujarati, Marathi and Bengali.
The platform claims to have about 75,000 writers and over 3.3 million readers.