Bangalore-based startup Bookpad has become the first Indian tech startup which got acquired by Yahoo, that’s too incredibly within one year of its launch. Yahoo bought BookPad for $8.3 million (Rs.50 crore). Awesome part of this acquisition is that founders of the startup have average age of just 24-years.
Apart from Yahoo, other biggies such as Autodesk and Dropbox were also eyeing Bookpad for acquisition however, Yahoo finally managed to close the deal with founders of Bookpad. The deal is almost done and the Bookpad team will be moving to Silicon Valley soon.
Bookpad design and invent technologies to solve problems surrounding digital content. Its flagship product, Docspad, enables document embedding, annotations and editing in enterprise applications. The startups have built an end to end document handling technology for the cloud.
Like Google Docs, Bookpad enables customers create and format text documents online and also collaborate with other people in real time. But what differentiates the firm from global competitors is that it allows enterprises to modify the product as per their needs and promote their brand.
Bookpad has been supported by NASSCOM and Microsoft Ventures Accelerator.
In 2013, Bookpad was founded by – Aditya Bandi, Niketh Sabbineni and Ashwik Reddy, all IIT-Guwahati alumni, who came together to come up with a solution to the inconvenience of not being able to edit or annotate documents shared on the cloud in real time.
The acquisition talks started in May when Niketh Sabbineni met Yahoo officials during the InnoTrek trip, organised by industry body Nasscom, to the Silicon Valley in the United States. “In fact, he (Sabbineni) even did not have a visa and he got it at last moment,” said a person who is privy to the talks.
Earlier to Bookpad Bangalore-based Little Eye Labs became the first Indian firm to be bought by Facebook.