The Mumbai-based podcast company IVM Podcasts has been acquired by the Vernacular publishing platform Pratilipi. The deal marks the first-ever acquisition of Pratilipi and will give the Tencent-backed company a big step into the increasingly rising podcast industry.
Talking to Techpluto, the co-founder and CEO of Pratilipi, Ranjeet Pratap Singh, said that this was an asset acquisition. He said that the business has already been entered by all the properties of IVM Podcasts as well as their entire staff.
He declined to provide any financial information about the contract, however.
Going by the sheer specifics that are coming out this acquisition is more of an acquihire, even though it is not publicly spoken of by concerned parties.
On his personal Twitter account, Ranjeet has announced that IVM Podcasts will run as a standalone vertical.
With its Andriod Pratilipi FM application, Pratilipi already has a presence in the podcast room.
These stories can also be downloaded by users and listened to offline.
IVM Podcasts was founded in 2015 by Amit Doshi and Kavita Rajwade. In many niches, it provides podcast shows, including sports, style, pop culture, etc.
To the best of our knowledge, IVM Podcasts have never earned any external funding to date.
The podcast industry has been booming globally over the last few years. This industry, however, is still in the nascent stage in India and is yet to reach maturity.
Meanwhile, despite the danger of coronavirus looming large on Indian startups, 2020 is proving to be a successful year for Pratilipi. The business bagged INR 76 Cr in a new round led by Chinese tech giant Tencent earlier this year.
The company also revealed in the ensuing months that its monthly active users (MAU) had surpassed 20 Mn. All of the key products that are available on Android, IOS, and the web were included in the 20 Mn MAU.
It took us about 5 years to reach 10 Mn monthly active users (MAUs) and then about 5 months to reach 20 Mn. Slowly, slowly, then all at once,’ Ranjeet Pratap Singh, co-founder, and CEO of Pratilipi wrote in June 2020.
Like many other content platforms created by users, Pratilipi has had to tackle the classic chicken-egg issue for years. It was only if the audience was broad and important that talented authors and good writers would join to gain a large reader base.
Pratilipi now seems to have solved the formula, with over 21 million monthly active users in June 2020. Also, it has a 9 percent retention of monthly readers and 14 percent retention of authors, which is also promising for a self-publishing site.