2014 has been the year of big purchases and investments. We have seen some big purchases being made by big name companies buying a number of startups. And that trend continues with Yahoo now acquring Banglore-based tech startup Bookpad.
The US Internet giant, also set to make about $9.5 billion (Rs 57,000 crore) from Alibaba's initial public offering, has now bought the Bangalore-based firm in a deal that's worth around Rs 50 crore ($ 8.3 million).
The information comes directly from two people with direct knowledge of the development. "The deal is done. The team will be moving to Silicon Valley soon," said a person familiar with the ongoing deal. "Large firms like Autodesk and Dropbox were also eyeing Bookpad."
To date, Yahoo has bought over 100 companies. In fact, the deal comes a few months after Facebook acquired Bangalore's Little Eye Labs. Bookpad has actually become the first Indian tech startup to be bought by Yahoo, and it has been just a year since the startup first came to life.
Founded by IIT-Guwahati alumni Niketh Sabbineni, Aditya Bandi and Ashwik Reddy, who are all friends and in their early twenties, Bookpad is currently taking the game to larger companies like Google and Crocodoc in terms of document viewing.
"Bookpad pivoted its business model by focusing on enterprises rather than consumers. It bagged customers ranging from e-Learning firms to cloud storage companies. Last October when Bookpad made a pitch at the Nasscom product conclave, the Microsoft Ventures director Ravi Narayan got impressed and selected them for the company's accelerator programme," ET writes.
Back in January, Bangalore-based Little Eye Labs became the first Indian firm to be bought by Facebook.