Bengaluru-based software-as-a-service (SaaS) startup Quintype has raised INR 25 Cr (nearly $3.4 Mn) in a Series A funding round from India-focused global asset management firm IIFL AMC through its IIFL Seed Ventures Fund – Series 2 vehicle.
IIFL Seed Venture Fund – Series 2 was launched last June to back early-stage companies that are using technology to disrupt business processes. The fund also focuses on other sectors like healthcare, technology and financial services. The investment in Quintype is its third bet, prior to this, the fund has invested in two startups in the consumer space.
Speaking about the investment, Prashasta Seth, senior managing partner of IIFL AMC said, “Quintype, with its suite of products, is set to accelerate the growth in digital content and publishing space. We are happy to partner with a professionally-managed Quintype team backed by pedigree promoters who together make the best combination of both worlds – technology and media – as they embark on a journey to transform the publishing space.”
Quintype is a seamless, end-to-end SaaS service that brings together all the functionality needed to run a modern media business including everything needed to create and distribute content, understand & grow audience, and also monetize that content. These functions work together, letting publishers focus on their content business while the Quintype platform manages all the technology-heavy lifting.
It includes functionality like cardification, collaboration and team workflow tools, advanced semantic analytics, personalization and recommendation systems, an advanced monetization engine and several other modules. The company’s clientele includes Bloomberg Quint, Prabhat Khabar, Bar and Bench, The Quint, and Swarajya, who use the platform to publish and distribute all their content.
The company was founded in 2014 by Amit Rathore, a year later it raised $3.25 Mn (nearly INR 22 Cr in current currency exchange) from investors like Raghav Bahl, who is the founder and former MD of Network18. The company had planned to use the funding to grow its product engineering and sales teams in Bengaluru and California. Quintype will use the latest Series A funding will be used to scale its operations and reach.
Elaborating on the fundraise, Chirdeep Shetty, CEO of Quintype said, “Media companies and content creators across the world are moving towards a digital-first strategy and the current pandemic situation has only accelerated that shift.”