Yahoo buys Bangalore startup Bookpad for Rs 50 cr

Bangalore-based Bookpad is the first Indian tech startup bought by Yahoo, which was acquired in a year it was created. 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), a business newspaper
reported quoting knowledgeable sources. Sources further added that the large firms like Autodesk and Dropbox are also eying the Bookpad. Yahoo has so far bought over 100 companies. Founded by IIT-Guwahati alumni Niketh Sabbineni, Aditya Bandi and Ashwik Reddy — friends in their early twenties — Bookpad is competing with large companies like Google and Crocodoc in document viewing. The talks started in May when Sabbineni met Yahoo officials during the InnoTrek trip, organised by industry body Nasscom, to the Silicon Valley in the United States.