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Pratilipi closing in on Rs 30-crore funding round as KPMG flags runway problem in audit report

Money Control

Money Control · 1y ago

Pratilipi closing in on Rs 30-crore funding round as KPMG flags runway problem in audit report

Pratilipi, a vernacular content startup, is nearing the completion of a funding round worth approximately Rs 30 crore. The company is expected to achieve positive cash flow in the first quarter of FY25. This comes after its auditor, KPMG, expressed concerns about the company's financial runway in its annual financial report. Pratilipi has raised over $80 million in funding from investors such as Tencent, Nexus Venture Partners, and Omidyar Network.

Related News

Unacademy has Rs 1,800 Cr in bank, runway of 4 years: Gaurav Munjal

Entrackr

Entrackr · 1y ago

Unacademy has Rs 1,800 Cr in bank, runway of 4 years: Gaurav Munjal

According to Unacademy's CEO Gaurav Munjal, the edtech company has Rs 1,800 crore ($241 million) in their bank account and a runway of four years. Munjal notes that the runway will increase to eight years next year as the company reduces its burn. Despite a 30% decline in online classes, Unacademy improved its EBITDA by 87%. Unacademy Centres recorded a significant increase in learners, from 6,000 in 2022 to 32,000 in 2023. Unacademy last raised $440 million in a Series H round, valuing the company at $3.44 billion.

Grapevine: Edelweiss Alts’ Sekura buys 350 MW project; Pratilipi eyes IPO

VCCircle

VCCircle · 11m ago

Grapevine: Edelweiss Alts’ Sekura buys 350 MW project; Pratilipi eyes IPO

Sekura Energy, a subsidiary of Edelweiss Alternatives, has acquired 350 MW of operational assets from O2 Power in Madhya Pradesh. The assets were purchased for Rs 2,000 crore and were developed for the Rewa Ultra Mega Solar project. In other news, Pratilipi, an Indian storytelling platform, is reportedly considering an initial public offering (IPO). However, no further details were provided in the report.

Pratilipi approaches Rs 60 Cr revenue mark in FY24, cuts losses by 62%

Entrackr

Entrackr · 9m ago

Pratilipi approaches Rs 60 Cr revenue mark in FY24, cuts losses by 62%

Pratilipi demonstrated strong financial performance in the last fiscal year, with the company's revenue spiking nearly 66%. Moreover, the Bengaluru-based storytelling platform reduced its losses by over 62% during the fiscal year ending in March 2024. Pratilipi ’s revenue from operations grew to Rs 57.8 crore in FY24 from Rs 35 crore in FY23, its financial statement filed with the RoC shows. Pratilipi is an online storytelling platform which essentially focuses on text and audio storytelling in Indian languages such as Hindi, Gujarati, Bengali, Marathi, and Malayalam across various formats including audiobooks, podcasts, comics, web series and movies. Revenue from content and premium subscription services soared 2X to Rs 34.97 crore in FY24 and accounted for 60.5% of total operating revenue. Brand advertising services grew by 79% to Rs 7.53 crore, while the sale of books went up by 62% to Rs 10.62 crore in the last fiscal year. The company made an additional Rs 70 lakh from interest income which pushed its total revenue to Rs 58.5 crore in FY24. Looking at the expenses, employee benefit expenses, the largest cost segment, dropped by 21% to Rs 46.94 crore in FY24. Advertising expenses saw a steep decline of 62% to Rs 19.36 crore in the last fiscal year . Cloud services and software charges also fell down significantly. Overall, Pratilipi’s total expenses fell by 39% to Rs 116.7 crore in FY24. Due to tight control in expenses, the company’s net loss decreased by 62% to Rs 58.13 crore in FY24 from Rs 152.6 crore in FY23. Its ROCE and EBITDA margin stood at -81.01% and -89.74%, respectively. On a unit basis, Pratilipi spent Rs 2.02 to earn a rupee in FY24. The company reported Rs 2.3 crore in cash and bank balances and had a current asset of Rs 33.26 crore as of FY24. According to the startup data intelligence platform TheKredible, the Gurugram-based firm has raised over $80 million to date. Its leading investors include Krafton, Nexus Venture Partners, Omidyar Network, Shunwei Capital and Tencent. Pratilipi's CEO, Ranjeet Pratap Singh, recently said that the company aims to launch an initial public offering (IPO) in January 2026, depending on market conditions. He also mentioned plans to raise $12 million in a pre-IPO funding round, potentially at a lower valuation.

Pratilipi raises $20 Mn in Series E led by Jungle Ventures

Entrackr

Entrackr · 4m ago

Pratilipi raises $20 Mn in Series E led by Jungle Ventures

Pratilipi, a digital storytelling platform, has secured $20 million in its Series E funding round, led by Jungle Ventures. The round includes $12 million in primary investment and $8 million from secondary share sales. Notably, Qiming Venture Partners partially exited, selling 75-80% of its shares, while Shunwei Capital fully exited. Pratilipi's valuation dropped to $100 million from $265 million previously. The company specializes in text and audio narratives in multiple Indian languages and has raised over $100 million to date. Its revenue grew to Rs 57.8 crore in FY24, with a reduced net loss of Rs 58.13 crore.

SEBI slaps Rs 5.05 cr penalty on Indian Clearing Corporation Ltd for regulatory lapses found during audit

Business Today

Business Today · 6m ago

SEBI slaps Rs 5.05 cr penalty on Indian Clearing Corporation Ltd for regulatory lapses found during audit

The Securities and Exchange Board of India (SEBI) fined the Indian Clearing Corporation Ltd. (ICCL) Rs 5.05 crore for regulatory lapses found during an audit between December 2022 and July 2023. The violations involved cybersecurity and disaster recovery issues, including the submission of an audit report without proper board comments and incorrect classification of servers. ICCL, a subsidiary of BSE Ltd., must pay the penalty within 45 days.

Exclusive: Bobble AI to raise fresh funds at 30% valuation dip

Entrackr

Entrackr · 22d ago

Exclusive: Bobble AI to raise fresh funds at 30% valuation dip

Exclusive: Bobble AI to raise fresh funds at 30% valuation dip Xiaomi-backed Bobble AI is raising $1.5 million or Rs 12.9 crore from its existing backer gaming giant Krafton in its Series D round. The new round seems to be an ongoing one and the firm may mop up more capital. The board at Bobble AI passed a resolution to approve the issue of 600 Series D2 compulsory convertible preference shares at an issue price of Rs 2,14,940 each to raise the aforementioned amount, its regulatory filing accessed from Registrar of Companies (RoC) shows. The proceeds will be used for general corporate purposes. Entrackr estimates the company’s valuation at Rs 834 crore ($98 million), down nearly 30% from its Rs 1,172 crore ($138 million) Series C valuation. Founded in 2012, Bobble.ai provides an AI-powered Indic keyboard supporting over 120 languages, with facial recognition for personalized GIFs and stickers. Integrated with apps like WhatsApp and Facebook, it captures real-time user intent. The company earns through targeted ads, consumer data insights, subscription features, and branded merchandise. According to startup data intelligence platform TheKredible, the Gurugram-based company has raised around $35 million including Rs 206 crore ($26 million) in a mix of primary and secondary capital from Krafton Inc in September 2022. During the round, it acquired a 12.34% stake from Affle. Following the latest infusion, Krafton will be commanding a 24.84% stake in the 12-year-old company. For the fiscal year ended March 2024, Bobble AI reported a 25% growth in revenue to Rs 37.67 crore. However, its losses also widened by 40% to Rs 60.88 crore in the same period. The firm is yet to report its FY25 numbers. BGMI-maker Krafton recently invested in the social networking platform Shuru and the Sachin Tendulkar-backed JetSynthesys. Its other notable investments include Kuku FM, Cashfree, One Impression, Pratilipi, and Nautilus, among several others.

Pratilipi raises ₹10.11 cr from Alteria Capital

Inshorts · 7m ago

Pratilipi raises ₹10.11 cr from Alteria Capital

Bengaluru-based self-publishing platform Pratilipi has raised ₹10.11 crore in a bridge funding round, which was a mix of equity and debt, from Alteria Capital. Out of the ₹10.11 crore, about ₹5 crore was raised in debt and the remaining was equity funding, as per the startups regulatory filings.

Pristyn Care auditor flags healthcare startup’s processes, internal controls

Economic Times

Economic Times · 1y ago

Pristyn Care auditor flags healthcare startup’s processes, internal controls

The auditor of Indian healthtech startup Pristyn Care, BSR & Co, has raised concerns about the company's processes that could lead to misstated revenue and lack of control over pricing and vendor selection. The auditor's note mentioned that Pristyn Care did not have internal controls to accurately determine prices and questioned the genuineness of agreements with doctors. However, the auditor stated that the financial statements present a "true and fair view" of the company's state, except for the material weaknesses highlighted. Pristyn Care has rejected the allegations and stated that its audit report is clean.

Swiggy allots shares worth Rs 30 Cr under ESOP scheme

YourStory

YourStory · 6m ago

Swiggy allots shares worth Rs 30 Cr under ESOP scheme

Swiggy announced the allotment of 8.64 lakh equity shares under the Swiggy ESOP Plan 2021, totaling over Rs 30 crore based on the stock's NSE closing price of Rs 355. This follows a recent allotment of 1.71 crore shares under its ESOP 2015 and ESOP 2021 programs. Including a previous allotment in January, Swiggy has issued 5 crore shares this year. This move aligns with similar strategies by companies like Nykaa and Paytm.

Edtech startup Adda247 fires 300 employees

Entrackr

Entrackr · 1y ago

Edtech startup Adda247 fires 300 employees

Edtech startup Adda247 has reportedly laid off around 250-300 employees, marking the company's first round of layoffs in recent years. The layoffs affected various verticals, including StudyIQ, a UPSC-focused platform acquired by Adda247. Sources claim that the downsizing was driven by the need to extend the runway as funding becomes scarce in the edtech sector. Adda247, backed by WestBridge Capital and Google, has raised over $60 million and was valued at $175 million in its last funding round. The company's revenue surged to Rs 61.5 crore in FY22, but losses also increased by 90% to Rs 28.8 crore.

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