South Korean Gaming Giant Krafton Inc Invests In Pratilipi
Pratilipi, an online storytelling platform, has raised $48 million (around Rs 358 crore) in its Series D funding round led by South Korean gaming giant Krafton Inc.
The funding round also saw participation from existing investor Omidyar Network India along with several startup founders, including Nishith Rastogi (Locus), Sahil Barua (Delhivery), Hemesh Singh and Gaurav Munjal (Unacademy), Mekin Maheshwari (Udhyam), Vidit Aatrey (Meesho), and Amit Agarwal (NoBroker).
Ranjeet Pratap Singh, Co-founder and CEO at Pratilipi, also invested in this round.
As per the startup, the funding will help Pratilipi strengthen its intellectual property (IP) acquisition and development across various formats, including audiobooks, podcasts, movies, comics, web series and games. The startup will use part of the funding for expansion in several overseas markets, including countries like Bangladesh and the UAE, later this year.
Started by Prashant Gupta, Rahul Ranjan, Sahradayi Modi, Sankaranarayanan Devarajan, and Ranjeet Pratap Singh, Pratilipi is the largest Indian language self-publishing platform with over 370,000 authors and more than 30 million unique monthly readers.
Speaking on the development, Ranjeet Pratap Singh, Co-founder and CEO at Pratilipi, said,
“At Pratilipi, our vision has always been to democratise storytelling across languages, geographies, and formats. Over the last 12-18 months, we have seen a lot of progress, expanding into some new formats as well as finding newer ways for our creators to be successful.”
Ranjeet Pratap stated that Pratilipi and gaming giant Krafton will also start working on finding the best Pratilipi stories that can be translated into globally successful gaming franchises. With targets to hit $1.6 million in revenue by December this year, the online storytelling platform plans to double its team by December next year.
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