Bengaluru: Pratilipi, an online platform for reading and writing regional language content, has reported a net loss of INR 196 crore (approximately $26 million) for the fiscal year 2021-22, according to its financial statements.
This represents a significant increase from the previous fiscal year, when the company reported a net loss of INR 95 crore (approximately $12.6 million).
Pratilipi’s revenue for the year ending March 31, 2022, stood at INR 67.6 crore (approximately $9 million), up from INR 52 crore (approximately $6.9 million) in the previous fiscal year.
In a statement, Pratilipi attributed the increase in losses to “investment in talent acquisition, marketing, and technology infrastructure to enable future growth.”
The company also noted that it had raised $48 million in a funding round led by gaming and entertainment company Krafton in August 2021, which it said would be used to “invest in deeper technology integrations, talent acquisition, and product innovation.”
Sankaranarayanan Devarajan, Sahradayi Modi, Prashant Gupta, Rahul Ranjan and Ranjeet Pratap Singh founded Pratilipi. Bengaluru-based Indian startup unites writers and readers in 12 Indian languages, including Tamil, Bengali, Marathi, Hindi, and English. This self-publishing platform allows users to publish stories, poems, and books in different formats, including audio and podcasts.
Founded in 2015, Pratilipi has grown rapidly in recent years as more Indians turn to regional language content online. The platform currently hosts over 350,000 stories and has over 30 million, monthly active users.
Pratilipi’s growth has attracted interest from investors, with the company raising over $92 million in funding to date. In addition to Krafton, Pratilipi’s investors include Nexus Venture Partners, Omidyar Network, and Shunwei Capital.
Despite the increase in losses, Pratilipi remains optimistic about its future prospects. In the same statement, the company said it was “confident of continuing its growth trajectory in the years to come.”
The company plans to use its funding to further expand its platform, improve its technology infrastructure, and deepen its talent pool. Pratilipi also said it would focus on “strengthening its content and expanding into new categories.”
Pratilipi faces stiff competition in India’s regional language content market, with other startups like ShareChat and DailyHunt also vying for a share of the rapidly growing market. However, with its strong user base and funding, Pratilipi appears well-positioned to continue its growth in the years to come.
