Yahoo has swooped in to the thriving tech startup market in India to make its first purchase.
The company reportedly targeted by the online giant is Bookpad; a relatively new firm that hosts cloud-based documents.
Conflicting details regarding the financial nature of the deal have surfaced in the Indian media. The Economic Times is reporting that Yahoo forked out $8.3 mn for Bookpad while the Times of India is stating a significantly higher sum of $15 mn.
Bookpad, which is based in the city of Bangalore (known as India’s silicon valley), is best known for its Docspad product. The enterprise software allows users to view, edit and annotate a document across a range of platforms, including mobile apps and websites.
The fledgling startup will soon be transitioning its staff to the real Silicon Valley in the US, as Yahoo looks to integrate it into its own operations.
Bookpad isn’t the first Indian startup to be targeted by bigger US-based tech firms. This year alone, Facebook nabbed Android analytics software-maker Little Eye Labs (for a similar figure) and Google purchased spam-fighting firm Impermium.
Bookpad was founded by Niketh Sabbineni, Aditya Bandi and Ashwik Reddy just over a year ago. The three fresh-faced individuals are all in their early twenties.
Meanwhile, Yahoo has really ramped its acquisition programme since the arrival of CEO Marissa Mayer two years ago. The company has now snapped up over 38 companies under her watch.