Pune-based consumer internet firm Mazkara Internet has acquired Mumbai-based mobile technology startup BazingaLabs for an undisclosed amount, the company said in a press statement.
BazingaLabs, founded by Kakshil Shah, has developed Skedule, a mobile application that lets users discover and book experiences at their location. In the past, Bazinga has partnered with startups to develop their mobile products starting with ideation, design, back end and front end development, and growth hacking.
“The acquisition came very naturally as we were already working closely with Mazkara Internet for almost a year. Our technical skills and their business expertise harmonise perfectly with each other,” said Shah.
Mazkara Internet, run by Dubai-based Mazkara FZ LLC, was founded by Prasanjeet Roy and Mohammad Ali in 2015. Fabogo, the flagship product of Mazkara Internet, secured $2.25 million, its third round of funding, from Dubai-based investor Dunamis Ventures. The startup previously secured $1 million in seed funding from the same investor in January 2016. In May 2015, Mazkara raised $500,000 in its angel investment round from private investors based in Dubai.
BazingaLabs had developed Fabogo as well. The app enables customers to discover local salons and spas and allows them to call and book appointments through its platform. It is currently operational in Dubai, Pune, and Mumbai.
The deal, which happened in early 2017, is part equity, part cash.
“We have a solid business model in place and our expertise lies in web technology. However, with launching transactions on our flagship product Fabogo, the need of the hour was focusing on mobile technology,” said Roy, chief executive at Mazkara Internet.
Besides Fabogo, Mazkara Internet is also developing BigReach, a digital marketing development app and EatRepeat, a personalised restaurant app building service.
In the salon aggregation segment, Fabogo competes with Gingerpan Swapcart Pvt. Ltd, which owns online aggregator of branded parlours, Be U Salons. The startup raised $600,000 in a seed round led by Gaurav Kachru of 5ideas Superfuel Fund in April 2017.
Delhi-based Glam Studios had secured angel funding of Rs 2 crore ($300,000) in September 2016.
Source:-vccircle
