Bengaluru-based self-publishing platform Pratilipi has marked a significant financial milestone in the fiscal year 2022-23 (FY23), witnessing a 22% reduction in losses alongside a remarkable fourfold increase in revenue. The company’s strategic initiatives, including a surge in overseas activity, have contributed to this positive financial trajectory.
Key Financial Highlights:
- Loss Shrinkage: Pratilipi reported a notable reduction in losses, shrinking from INR 196.44 Cr in FY22 to INR 152.64 Cr in FY23, signifying a 22% YoY improvement.
- Revenue Quadruples: The startup’s revenue from operations experienced an impressive growth trajectory, reaching INR 34.89 Cr in FY23 compared to a mere INR 7.88 Cr in FY22. This surge is attributed to heightened overseas activity and strategic revenue streams.
- Diversified Revenue Streams: Pratilipi’s revenue is derived from three main streams – content and premium subscription services, brand advertising services, and book sales. Content and premium subscriptions accounted for the majority of the revenue, totaling INR 17.35 Cr in FY23, a significant increase from INR 3.11 Cr in FY22.
- Domestic and International Markets: The Indian market played a pivotal role in Pratilipi’s revenue, contributing INR 31.23 Cr in FY23, marking a remarkable 296.32% YoY growth from INR 7.88 Cr in FY22. Furthermore, FY23 marked the first year of revenue from international markets, with INR 3.66 Cr reported.
- Expense Management: Pratilipi exhibited prudent expense management in FY23, with a total expense of INR 192.79 Cr, reflecting an 8.54% YoY reduction. Notable areas of expense include employee benefits, business promotion, and stock purchased for trade.
Strategic Moves and Market Presence: Founded in 2015, Pratilipi has emerged as a significant player in the Indian language storytelling domain, fostering connections between readers and writers across 12 languages. The platform boasts an extensive readership and listener base, with up to 15 million subscribers and over 9.5 lakh writers.
Investor Backing and Collaborations: Pratilipi has secured backing from prominent investors such as Tencent, Omidyar Network, WEH Ventures, Times Internet, and Nexus Ventures Partners. The startup recently inked a deal with Disney Star, paving the way for the development of multiple new fiction television shows adapted from stories available on the platform.
Conclusion: Pratilipi’s FY23 financial performance reflects resilience and strategic prowess, positioning the startup for continued growth and innovation in the Indian language storytelling landscape.
