 "Check out Bookpad: The Indian startup Yahoo acquired for Rs 50 cr")
Started with the aim tosolve the problem of not being able to edit or annotate shared documents in real time on the net, Indian tech startup Bookpad seems to have struck gold. The company has become the first Indian startup to be acquired by Internet search giant, Yahoo.
The startup, founded by three alumnus of IIT-Guwahati, has reportedly been bought by the tech behemothfor Rs 50 crore ($8.3 million) and the team that runs it is expected to move to Silicon Valley soon, reported the Economic Times .
The company’s three founders are25-year-old engineering design graduate Aditya Bandi, 24-year-old computer engineer Niketh Sabbineni and 23-year-old chemical engineer Ashwik Battu, 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.
Sabbineni and Bandi, who were working at different tech companies, would reportedly spend five hours every alternate day at a coffee shop in Hyderabad while developing the prototype of their product and quit their jobs last year to launch Bookpad.
Bookpad also launched Docspad , an enterprise solution, that allows businesses to embed it within their applicationsso that users can edit documents within an applicationin real time rather than having to launch separate viewing and editing apps.
Yahoo’s purchase of the software startup is expected to help it integratesimilar features within its various servicesin the future.
Bookpad was incubated at the Startup Warehouse started by Nasscom and the Karnataka government in Bangalore and was also part of Microsoft’s Accelerator programme.
The acquisition of Bookpad by Yahoo comesmonths after Facebook made its first acquisition in India with the buying ofLittle Eye Labs, a startup that builds performance analysis and monitoring tools for mobile Android apps.