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Tue, 1 Sep 2020 | The Economic Times
Bengaluru-based SaaS startup Quintype raises Rs 25 crore in Series A funding

Bengaluru-based SaaS startup Quintype raises Rs 25 crore in Series A funding

Digital publishing SaaS startup Quintype Technologies, has raised Rs 25 crore in Series A from IIFL AMC, part of IIFL Wealth Management. The company intends to use the funds to further expand its operations and reach. Bengaluru-based Quintype provides a platform to digital media publishers to create, curate, distribute and monetise content. Chirdeep Shetty, CEO of Quintype, speaking on the fund raise said, “ Digital publishing has seen a fundamental shift in the last few years with most audiences seeking on-demand content with the proliferation of mobiles. We are happy to lead this change by creating and expanding this digital ecosystem and this investment by IIFL AMC is a step in that direction." He added that media companies and content creators are moving towards a "digital-rst" strategy and that the pandemic has accelerated the shift. Among clients the company counts publishers such as Bloomberg Quint, Prabhat Khabar, Bar and Bench, The Quint and Swarajya which use its platform to publish and distribute content.

The investment is by IIFL AMC which is a part of IIFL Wealth Management Ltd, which was demerged from the IIFL Group.

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. It enables more content creators to go digital easily and gives them the freedom to distribute, scale up and monetize their content using an intuitive product with hundreds of built-in features. 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.”

IIFL AMC launched the IIFL Seed Ventures Fund – Series 2, a close-ended SEBI-registered Category II Alternative Investment Fund, in July 2019. The fund backs early stage startups building disruptive technology products and services. This is the third investment from the fund; the previous two investments were in the consumer sector. The previous fund, IIFL Seed Ventures Fund 1 saw exits from companies like Shopsense Technologies (Fynd), Uniphore and Nowfloats among others.

Media entrepreneurs Raghav Bahl and Ritu Kapur who had invested founding capital in the company, speaking on the fresh fund raise said, “When we started our journey in digital journalism for mobile consumption in 2014, we met some of the pioneers in this field in America. They emphasised the importance of agility through tech in mobile journalism with the unique power of a state of the art digital publishing platform... So we invested founding capital with a group of exceptional technology professionals who were passionate about breaking new ground in digital publishing tech. Quintype was born as a stand-alone, independent, arms’ length operation and its early successes are manifest in the 70 publishers from across the globe on it now... We are delighted that Quintype, with funding support from pedigree investors, is now ready to move on to big things in its next stage.”