Quintype Technologies Pvt Ltd, which operates a software-as-a-service platform focussed on digital media publishers, has raised Rs 25 crore ($3.4 million) in a Series A funding exercise.
In a statement, Bengaluru- and San Mateo-based Quintype said it has raised this capital from IIFL AMC, which invested via its IIFL Seed Ventures Fund – Series 2 vehicle.
The fund was launched in July last year, and says it seeks to back early-stage companies that are using technology to disrupt business processes.
The investment in Quintype is its third bet, with the other two being in the consumer space.
Other sectors the fund invests in include healthcare, technology, and financial services.
Quintype was set up in 2014, and says it provides digital publishers with state-of-the-art content and subscription management systems. Other investors in the company include media entrepreneur Raghav Bahl.
The company says it will use this Series A capital to scale up its operations and reach. “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,” chief executive Chirdeep Shetty said.
IIFL AMC senior managing partner Prashasta Seth said Quintype’s product suite would help accelerate growth in the digital content and publishing space, as well as help stakeholders in the ecosystem to scale up and monetise their offerings.
In September 2015, Quintype raised $3.25 million (around Rs 22 crore) from investors including Bahl.
At the time, the company said the capital would be used to grow its product engineering and sales teams in Bengaluru and California.
The firm says its clients include media and publishing houses such as Bloomberg Quint, Prabhat Khabar, Bar and Bench, The Quint, and Swarajya.
According to VCCEdge, the data research arm of Mosaic Digital, Quintype reported net sales of about Rs 6.7 crore for the financial year ended March 2019.