Storytelling app Pratilipi bags $20M in Series E funding led by Jungle Ventures

Digital storytelling platform Pratilipi has bagged $20 million in a Series E funding round led by Jungle Ventures as it charts its expansion into new storytelling formats and geographies beyond India.

This funding round, a mix of primary and secondary, comprises $12 million in primary investment and $8 million in secondary. The primary investment includes participation from two individual investors, but no institutions, Ranjeet Pratap Singh, Co-founder and CEO of Pratilipi, told YourStory.

Singh explained that the secondary transaction involved investor Qiming Venture Partners selling 75-80% of its shares for a partial exit, and investor Shunwei Capital selling all of its shares for a full exit.

A secondary transaction is the sale of existing shares by current shareholders to new investors, where the company does not receive any funds, and the proceeds go to the selling shareholders.

According to Singh, Pratilipi’s post-money valuation is $100 million after this round, compared to $265 million in the last round. Pratilipi had last raised $48 million in funding 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. Tomorrow again, markets, emotions will be high, markets will go up,” Singh stated, adding “I worry about business fundamentals, valuations, and share prices come and go.”

New stage, new stories

Pratilipi has seen organic growth over the past year, with its core online literature business now profitable and cash flow positive, as per Singh.

Beyond online literature, Pratilipi offers audio content through Pratilipi FM, Pratilipi Comics, and has expanded into publishing and audio with acquisitions of Westland Books and IVM Podcasts.

Singh highlighted his excitement about two new formats: animation and vertical short drama, which are the two areas the company is planning to expand. He added that a short video drama is similar to regular OTT but with 100 two-minute episodes instead of 10 episodes of 20 minutes each.

He believes that innovations in AI can reduce costs for animation and short drama by 90%, making these formats more viable compared to traditional OTT. Pratilipi uses its own tools, uses open source models on top of which it builds things, and also licenses various services as needed.

Another focus for the startup is expanding beyond India. Currently, 6-7% of its revenue comes from overseas, but this is mainly from Indian residents or NRIs abroad, like those in the US, rather than intentional expansion efforts.

According to Singh, Pratilipi began experimenting a few days ago, aiming to eventually replicate its India model—a fully UGC platform with multiple products like literature, FM, and comics. In the meantime, it is testing various approaches to determine what works best. 

For content, it is using existing English content, creating new content, and licensing from agencies, while also working with consultants and freelancers. It is also experimenting with marketing and monetisation strategies. Once the startup identifies the most effective approach, it will begin scaling, Singh noted.

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Business

The company’s revenue was approximately Rs 86-87 crore for the fiscal year ending March 2025 (FY25), up from Rs 58 crore in the preceding fiscal year. Losses for FY25 were estimated to be around Rs 33-34 crore, a reduction from Rs 58 crore in FY24. Singh cautioned that the final audited results may vary slightly.

The online literary platform is the primary revenue stream, bringing in 70-75% of the startup's revenue.

Revenue from literature is currently stable and expected to remain so in the short term. However, Singh anticipates a shift in revenue distribution within five years, though the exact nature of that change is uncertain. 

“An entirely new format, which hasn’t even been launched. It’s hard to say how quickly it will grow or how slowly it will grow,” Singh adds, referring to the new formats Pratilipi plans to add to its offerings.

Speaking about focus on the US market, Singh said, “Next financial year, I definitely see at least 20% of revenue, maybe even 50% of revenue coming from the US.”

IPO?

While the startup plans to begin discussions with bankers in August for a listing process, the timeline is uncertain, as legal and financial assessments could reveal additional necessary work, potentially extending the process significantly, says Singh.

According to Singh, the startup’s decisions will be influenced by developments in the US market.

For instance, if the US becomes 50% of revenue this year, in which case the startup will have to focus on growth, and it might make more sense to raise one more private round of capital, he explained.

“India business is focused on profitability and IPO. But newer formats and global [expansion] is focusing on growth. Now, whichever becomes a bigger part is what will decide which part we grow,” Singh noted.