1-year-old Indian startup firm Bookpad gets bought over by Yahoo.
Continuing the spate of acquisitions in the technology industry, US-based search engine giant Yahoo has bought over a Banglore-based Indian startup called Bookpad.
The firm – which has been founded by three young IIT Guwahati alumni – Niketh Sabbineni, Aditya Bandi and Ashwik Reddy – was started just a year ago and has now been taken over by one of the largest industry players.
The initial reports suggesting the monetary details of the deal, are quoting a figure of around Rs. 50 crore ($ 8.3 million). Yahoo wasn’t the only company vying for Bookpad, reports suggestion that other big wigs like Dropbox and Autodesk were also interested in the startup’s activity.
Bookpad allows users to view and edit documents – whether PDF, Powerpoint or Word – in a real-time manner. There is no need for separate viewing and editing apps, its functions are similar to Google Docs, wherein users collaborate in real time. However, Bookpad is a little exclusive in its customization wherein an enterprise can also modify it according to their needs.
Bookpad was launched into the limelight by industry body Nasscom’s 10,000 Startups program, wherein it was nurtured at the Startup Warehouse in Banglore. The entire team of the startup consists of exactly 8 people and is mostly US centric in terms of its market approach, the firm rakes in an annual revenue of 1 Cr per year.
Ravi Gururaj, Chairman of the Nasscom Product Council said, “It (Bookpad) is like a baby born to us. We have been nurturing them. They have technology, talent and traction.”
Bookpad’s acquistion comes months after another Banglore-based firm Little Eye Labs was taken over by Facebook.
