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The two Indian men's doubles pair of Dhruv Kapila and M R Arjun and Satwiksairaj Rankireddy and Chirag Shetty also moved into the quarterfinals.
Ashwini Ponnappa and N Sikki Reddy progressed to the women's doubles second round.
The Kerala shuttler missed out on a bronze medal going down to eventual champion Loh Kean Yew of Singapore in the quarterfinals of the World Championships.
Srikanth went down to Loh Kean Yew of Singapore in the summit clash.
The women's doubles pair of Ashwini Ponnappa and N Sikki Reddy also entered the pre-quarterfinals with a hard-fought win.
Satwiksairaj Rankireddy and Chirag Shetty beat Chinese Taipei's Lee Jhe-Huei and Yang Po-Hsuan 27-25, 21-17 in 43 minutes.
Prannoy came back to win 13-21, 21-18, 21-19 in a contest that stretched to one hour and 11 minutes.
Satwiksairaj Rankireddy and Ashwini Ponnappa pulled off a stunning victory over the Malaysian world No.7 combination of Goh Soon Huat and Shevon Jemie Lai to progress to the quarterfinals.
The Olympic champion dashed Sindhu's hopes of becoming the first Indian to win the World Championships title.
In her second successive World Championships final, the Indian star will take on arch-rival Carolina Marin.
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