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2014-09-22

Yahoo acquires Bangalore-based tech start-up Bookpad for Rs 50 crore

Bookpad pivoted its business model by focusing on enterprises rather than consumers.

Bangalore-based Bookpad has become the first Indian tech startup to be bought by Yahoo after eight months after Facebook snapped up Bangalore's Little Eye Labs, as reported by Economic Times.
 

 

"This acquisition validates that large companies are willing to do a deal, when the technology is useful for them," said Nasscom senior manager Ashok Madaravally who has closely worked with Bookpad team from beginning. Bookpad, which has a team of eight, earns revenue of around Rs1 crore per annum and is focused on the US market.
 

 

"This acquisition validates that large companies are willing to do a deal, when the technology is useful for them," Ashok Madaravally, senior manager, Nasscom told ET.

 

Bookpad, which has a team of eight, earns revenue of around Rs1 crore per annum and is focused on the US market.
 

 

"Getting acquired by Yahoo puts Bangalore on the global startup map," said, Srivatsa Krishna, Karnataka state's secretary for information technology and biotechnology.

 

Unlike a typical startup in India which has to face issues such as mentoring and funding, Bookpad's received nurturing from the beginning.

 

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. 

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