Bangalore-based Bookpad has become the first Indian tech startup to be bought by Yahoo, going from creation to acquisition in just one year. The deal comes some eight months after Facebook snapped up Bangalore’s Little Eye Labs. The US internet giant, which is in line to reap about $9.5 billion (Rs 57,000 crore) from Alibaba’s initial public offering, has bought the firm in a deal worth around Rs 50 crore ($8.3 million), according two people with direct knowledge of the development.
India looks like it has netted its third notable startup exit this year, after Yahoo swooped to purchase Bookpad, a one-year-old company that hosts cloud-based documents, according to local media. Economic Times reports that the deal is worth $8.3 million, while Times of India speculates a much higher price of $15 million. The acquisition — which is still to be confirmed by the US internet giant — would represent Yahoo’s first in India. It comes some nine months after Facebook bought its first startup from India — Little Eye Labs — in a deal worth $10 million-$15 million; Google was also active in January, buying spam-fighting company Impermium. Bangalore-based Bookpad will move its staff to Silicon Valley as part of the deal, according to the Economic Times article which cites sources inside the company. While Yahoo remains mum on the deal — we’ve contacted the company to seek confirmation — that didn’t stop the secretary for IT and biotechnology in the state of Karnataka, where Bookpad is based, from jumping in with a statement.