Few months after the Facebook – Little Eye Labs deal, another Bangalore startup has been bought by a tech giant. Bookpad has been reportedly bought for a little under US$15M
Close on the heels of reaping benefits from the Alibaba IPO, tech giant Yahoo has bought Bangalore-based year-old startup Bookpad. The amount of the deal has not been disclosed. However, The Times of India reports it is just under US$15 million.
The development comes just few months after Facebook bought another Bangalore startup Little Eye Labs. This shows that Indian startups are on the world map and Bangalore is living up to its title of the country’s Silicon Valley.
Bookpad is founded by three young innovators and graduates of Indian Institute of Technology Guwahati. Founders Aditya Bandi, Niketh Sabineni, Ashwik Battu are all in their early 20s.
Its flagship product Docspad allows document embedding and annotation to a user’s app. It supports all popular document formats — PDF, Word, Excel — and works across devices. According to the company website, it is useful for cloud storage services, collaboration apps, e-learning platforms, productivity software, etc.
The company was incubated at NASSCOM 10,000 Start-ups and Government of Karnataka’s Startup Warehouse. It was also later part of Microsoft’s Accelerator Programme.
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Bookpad’s big break came when it participated in NASSCOM’s Innotrek, a trip to Silicon Valley earlier this year that was designed to help Indian startups to meet US technology giants and familiarise them with the startup environment there. During the trip, they met M&A consultant Rob Schram, who later helped broker the deal between Yahoo and Bookpad, said the Times of India report.
e27 has reached out to Bookpad to further understand the deal.
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