Pratilipi Secures $20 Million in Series E Funding Led by Jungle Ventures
Digital storytelling platform Pratilipi has raised $20 million in Series E funding led by Jungle Ventures as it plans to expand into new storytelling formats and markets beyond India.
The funding round includes $12 million in primary investment and $8 million in secondary transactions. According to Pratilipi co-founder and CEO Ranjeet Pratap Singh, two individual investors participated in the primary funding, with no institutional investors involved.
In the secondary transactions, Qiming Venture Partners sold 75-80% of its shares for a partial exit, while Shunwei Capital completely exited by selling all its shares.
Singh acknowledged that Pratilipi's post-money valuation had decreased to $100 million from $265 million in its previous round when it raised $48 million, led by South Korean gaming giant Krafton Inc. in 2021.
"Two years back, the market was great, valuations were high. Today, the market is bad, valuations are low," Singh said, adding that he focuses on business fundamentals rather than market fluctuations.
New Formats and International Expansion
Pratilipi has achieved profitability in its core online literature business, which is now cash flow positive. The company has diversified into audio content through Pratilipi FM, comics, publishing, and podcasts with the acquisitions of Westland Books and IVM Podcasts.
Singh highlighted two new formats the company plans to explore:
- Animation
- Vertical short drama (100 two-minute episodes instead of traditional longer formats)
He believes AI innovations can reduce production costs for these formats by up to 90% compared to traditional OTT content.
The startup is also looking beyond India for growth. Only 6-7% of revenue comes from overseas markets, primarily from Indian residents or NRIs abroad. Pratilipi has recently begun experimenting with international expansion, mainly targeting the US market.
"Next financial year, I definitely see at least 20% of revenue, maybe even 50% of revenue coming from the US," Singh projected.
Financial Performance
Pratilipi reported revenue of approximately Rs 86-87 crore for FY25, up from Rs 58 crore in the previous fiscal year. Losses decreased to around Rs 33-34 crore in FY25 from Rs 58 crore in FY24.
Future Plans
While Pratilipi plans to begin discussions with bankers in August regarding a potential IPO, Singh indicated that the timeline remains flexible. The company's strategy will be influenced by its US market performance and growth in new content formats.
"India business is focused on profitability and IPO. But newer formats and global [expansion] is focusing on growth. Whichever becomes a bigger part is what will decide which path we follow," Singh explained.