Bengaluru: Online self-publishing portal Pratilipi from Nasadiya Technologies Pvt. Ltd went to $4.3 million in Series A funding round conducted by Omidyar Network. It was declared by the company in their statement on Monday. This particular application allows its users to share and originate content like short stories and poems in eight different languages of the country like Hindi, Marathi, Bengali, and Gujarati, etc. Users are allowed to take the advantage of Pratilipi via a web interface or by the help of a mobile app.
Many investors like Contrarian Capital, Nexus Venture Partners, Atul Goel and Times Internet Ltd along with some new investors including WEH Ventures and Shunwei Capital were the participant of that round. The company will utilize fresh funding to promote further growth, technology, data science, and partnerships. They are also planning to launch one more local language this year. This app has lifted to $1 million in the seed round which was led by Nexus Venture Partners back in February 2016.
This online platform was incorporated in the third month of 2015 and now has achieved near about 1 million downloads by the help of Google Play Store. Pratilipi contains more than 1,50,000 content pieces that have been published by almost 22,000 authors till present time. According to a stat by the company, the user of this app spends an average reading time of 35 minutes a day.
The chief executive of this online portal Mr. Ranjeet Pratap Singh said that Pratilipi has plans to prosper into formats rather than text. According to an interaction, he mentioned that they will encourage audio format in the upcoming six months and there might be chances to look for video formats which will eventually take a couple of years to appear. In a phone interview, Mr. Singh also said that these audio and video formats will be based more upon long-form content instead of short audio content or clips.
This company is presently working with a group of 31 teammates and was initially started by five of its co-founders named as Rahul Ranjan, Sankaranarayanan Devarajan, Prashant Gupta, Sahradayi Modi and Ranjeet Pratap Singh.
The company estimates that near around 90% Indians are there who can write, speak and read in different Indian languages and only 1% of online content is there to find in the Indian languages. Almost 99% of the online content can be identified in the English language.
One of the partners of Omidyar Network, Mr. Siddharth Nautiyal said in a statement that Pratilipi has validated abrupt growth in becoming the biggest portal for long format vernacular reading and writing gratifying the requirements of Indian language online users. He also said that 9 out of 10 Indians from half a billion population will be more familiar with their native languages as compared to English in the next five years.
In the recent past, three content start-ups have gained their funding from investors like an Indian social media platform named as Sharechat raised to a number of $18.2 million in Series B funding which was led by Shun Wei Capital and Xiaomi Singapore this month. On the other hand, video sharing platform Clip lifted $6 million in December 2017 that was led by Matrix Partners India. Even content sharing start-up YouQuote also raised to$1 million in the same month on the occasion of a seed funding round held by IDG Ventures India.