Ahmedabad

The exits 33

The companies built in Ahmedabad that were bought, who bought them, and for how much, from a web-summariser sold to Intel's Kno in 2013 to a skincare brand sold to Wipro in 2026.

1. Cruxbot

   Bought by

   Kno, then Intel

   When

   May 2013

   For

   Undisclosed

   Nirmit Parikh built Cruxlight in 2012, a tool that summarised any web page the way a book summary stands in for a book, with Tanmay Desai as co-founder. Within a year Kno, the Silicon Valley education company, bought it for an undisclosed sum, and in November 2013 Intel bought Kno. Parikh went on to set up Intel's first office in Ahmedabad, and later founded apna, the jobs platform.

   From yourstory.com →
2. Cyberoam

   Bought by

   Sophos

   When

   February 2014

   For

   Undisclosed

   Cyberoam was Elitecore's network security business, spun out as its own company with the Carlyle Group behind it: firewalls and unified threat management appliances with identity-based policies, sold through 5,500 resellers in more than 125 countries. When the British security company Sophos bought it on 10 February 2014 the company had more than 550 people, with R&D and global support run from its head office off Panchvati Cross Road. Terms were not disclosed. Sophos kept the office, which is registered today as Sophos Technologies.

   From prnewswire.com →
3. Elitecore Technologies

   Bought by

   Sterlite Technologies

   When

   September 2015

   For

   About Rs 180 crore

   Elitecore started in 1999 and grew into a telecom software company: billing, revenue management and operations support for operators, with more than 700 people across India, Southeast Asia, the UAE and Africa. Its security division had already left as Cyberoam. On 30 September 2015 Sterlite Technologies completed the purchase of the whole company from First Carlyle Ventures and the other shareholders, an all-cash deal reported at around Rs 180 crore ($27.3 million), to put software beside its optical fibre business.

   From business-standard.com →
4. DRC Systems

   Bought by

   Infibeam

   When

   March 2017

   For

   Rs 6 crore

   DRC Systems built custom software and cloud ERP for e-commerce businesses: 200 engineers on proprietary and open source frameworks, profitable, and past Rs 10 crore in revenue. Infibeam, the Ahmedabad e-commerce company that had listed the year before, had been using DRC to customise its BuildaBazaar storefronts for merchants, and in March 2017 bought the company outright for Rs 6 crore in cash. DRC Systems India is a listed company in its own right today, registered at GIFT City.

   From medianama.com →
5. Beardo

   Bought by

   Marico

   When

   2017 to 2020

   For

   Rs 50 crore for the first 45%

   Ashutosh Valani and Priyank Shah started Beardo in Ahmedabad as a men's grooming brand, beard oils and washes sold online first. Marico, the Parachute and Saffola company, took 45% of the parent Zed Lifestyle in March 2017 for about Rs 50 crore, and in July 2020 bought the remaining 55%, making Beardo a wholly owned subsidiary. It ran from an office in Shapath V on the SG Highway, opposite Karnavati Club.

   From yourstory.com →
6. Claris Injectables

   Bought by

   Baxter

   When

   July 2017

   For

   About $625 million

   Claris Lifesciences was the city's generic injectables company: anaesthesia, renal, anti-infective and critical care medicines in bags, vials and ampoules, with 11 molecules approved in the United States, its own R&D and three plants. In December 2016 Baxter, the American hospital products company, agreed to buy the injectables subsidiary, and the deal closed on 27 July 2017 for about $625 million, taking on the plants, the pipeline and more than $100 million of annual revenue.

   From baxter.ca →
7. Havmor Ice Cream

   Bought by

   Lotte Confectionery

   When

   November 2017

   For

   Rs 1,020 crore

   Havmor began as a small ice cream business in 1944 and came to Ahmedabad with the Chona family after Partition, growing over three generations into a brand with around 160 products, parlours across 14 states and factories in Ahmedabad and Faridabad. In November 2017 South Korea's Lotte Confectionery bought the whole ice cream company for Rs 1,020 crore (about $158 million), its way into India's ice cream market.

   From businesstoday.in →
8. eInfochips

   Bought by

   Arrow Electronics

   When

   January 2018

   For

   $327.6 million

   Pratul Shroff, a chip designer who had worked at Intel, founded eInfochips in Ahmedabad in 1994 to do semiconductor design and product engineering for companies elsewhere. By the time Arrow Electronics, the American components distributor, bought it in January 2018 it had 1,500 people, offices in San Jose, India and Europe, and customers across the life of a product, from custom hardware to connected devices. Arrow's own filings put the price at $327.6 million. It runs today as eInfochips, an Arrow company.

   From investor.arrow.com →
9. Educational Initiatives

   Bought by

   Gaja Capital, a majority

   When

   July 2018

   For

   $25 million

   Srini Raghavan, Sridhar Rajagopalan, Sudhir Ghodke and Venkat Krishnan started Educational Initiatives in 2001 to find out what children actually understand: the ASSET diagnostic tests and the Mindspark adaptive learning programme came out of it. In July 2018 the private equity firm Gaja Capital paid $25 million for a majority of the company, an exit for its founders and early backers. In March 2024 HCL Group bought a minority stake from Gaja for Rs 166 crore.

   From dealstreetasia.com →
10. Brillare Science

    Bought by

    Emami

    When

    2018 to 2024

    Stake

    26% to 100%

    Jigar Patel, a pharmacist who had run R&D at Lincoln Pharmaceuticals, started Brillare in 2010 to make professional hair and skin care for salons, sold under Brillare and Root Deep. Emami, the Kolkata FMCG company, took 26% in 2018 as its way into the salon segment, raised its holding in stages, and in March 2024 bought the last 4.64%, making Brillare a wholly owned subsidiary. The brand still runs from its office near the High Court on the SG Highway.

    From business-standard.com →
11. Softweb Solutions

    Bought by

    Avnet

    When

    December 2018

    For

    Undisclosed

    Ripal Vyas built Softweb into a software and AI company for the Internet of Things, connecting factories, fleets and devices to the applications that read them, with its engineering in Ahmedabad. When Avnet, the American electronics distributor, agreed to buy it in December 2018, Softweb had about 500 people in Dallas, Chicago and Ahmedabad. Terms were not disclosed; Avnet said the deal would add software and AI to its IoT business and add to earnings from the first year.

    From ir.avnet.com →
12. Evosys

    Bought by

    Mastek

    When

    February 2020

    For

    $65 million for the Middle East arm

    Evolutionary Systems, Evosys, became a large Oracle Cloud implementation partner from Ahmedabad: 13 years of ERP work and more than 1,000 Oracle Cloud customers in over 30 countries. In February 2020 Mastek, the Mumbai IT company, agreed to take the whole business: the India, US, UK and rest-of-world operations merged into a Mastek subsidiary, and Mastek UK paid $65 million in cash for the Middle East arm. The Evosys promoters came out holding 15% of Mastek.

    From mastek.com →
13. Byte Prophecy

    Bought by

    Accenture

    When

    May 2020

    For

    Undisclosed

    Mrugank Parikh, Adityavijay Rathore, Darshit Shah and Manish Patil started Byte Prophecy in 2011 as a bootstrapped analytics company, automating the insights that large companies pull from their data. In May 2020 Accenture bought it and folded its nearly 50 data scientists and data engineers into Accenture Applied Intelligence. Terms were not disclosed.

    From business-standard.com →
14. Vini Cosmetics

    Bought by

    KKR, a 54% stake

    When

    June 2021

    For

    $625 million

    Darshan Patel had built Moov, Krack and Itch Guard at Paras Pharmaceuticals, the Ahmedabad family business he sold his stake in, before starting Vini Cosmetics in 2010; Fogg came out in 2011, a deodorant sold on 800 sprays and no gas in the can. In June 2021 the American private equity firm KKR paid $625 million (about Rs 4,600 crore) for a 54% stake from the founder family and Sequoia, valuing Vini at $1.2 billion, reported at the time as the largest private equity investment in Indian FMCG. Darshan Patel stayed on as chairman.

    From business-standard.com →
15. Vendaxo

    Bought by

    Moglix

    When

    July 2021

    For

    Undisclosed

    Nirat Patel and Poonam Choudhary started Vendaxo in 2016 out of VentureStudio at Ahmedabad University: a marketplace where factories sell the machines they no longer need, with Siemens, Arvind, Marico, Raymond and Torrent Pharma among the sellers. In July 2021, soon after becoming a unicorn, the B2B commerce company Moglix bought it to give manufacturers a way to buy capital goods second-hand. Terms were not disclosed.

    From business-standard.com →
16. Pedagogy

    Bought by

    Vedantu

    When

    July 2021

    For

    About Rs 28.5 crore

    Archin Shah and his co-founders started Pedagogy in Ahmedabad in 2016, an e-learning platform for students preparing for competitive exams, and it had raised $400,000 before the pandemic put every classroom online. In July 2021 Vedantu, the Bengaluru live-tutoring company, agreed to buy the whole company in tranches: the promoters, who held 75%, received Rs 21.4 crore, Rs 15.23 crore of it in cash and the rest in Vedantu shares, and the full acquisition was priced at around Rs 28.5 crore.

    From entrackr.com →
17. Puniska Healthcare

    Bought by

    Amneal Pharmaceuticals

    When

    November 2021

    For

    About Rs 700 crore

    Puniska built a 293,000 square foot sterile injectables plant in Ahmedabad, with robotic and aseptic vial lines, an emulsion line and a large-volume bag line, in a company only four years old. In November 2021 Amneal, the American generics maker, bought it for about $93 million, taking on 550 people and the capacity to make injectables for the United States, with the plant as its base for markets beyond.

    From business-standard.com →
18. Mush

    Bought by

    GlobalBees

    When

    January 2022

    For

    Undisclosed

    Ayush Agarwal and Nihar Gosalia left corporate jobs in 2018 to sell bamboo towels online, softer and more absorbent than cotton, under the Mush name. In January 2022 GlobalBees, the house of brands that buys and scales online-first products, bought the company.

    From indianretailer.com →
19. MyClassCampus

    Bought by

    Teachmint

    When

    January 2022

    For

    Undisclosed

    Rachit Dave, Rutvij Vora and Raj Kothari started MyClassCampus in 2017, a campus ERP that ran a school's admissions, fees, payroll and parent communication from one app. In January 2022 Teachmint, the Bengaluru education infrastructure company, bought it as its fourth acquisition, pairing the ERP with its own learning management system for institutions. Terms were not disclosed.

    From freepressjournal.in →
20. Scouto

    Bought by

    Spinny

    When

    February 2022

    For

    Undisclosed

    Akshay Gupta and Shubham Sharma built Scouto at DevX: a connected-car device and app that reads a car's health and links the owner to service, insurance and FASTag providers, backed by DevX Venture Fund, iCreate and the Bhuva family office. In February 2022 Spinny, the used-car retailer, bought 100% of it. Scouto had done about Rs 5 crore of revenue that year.

    From entrackr.com →
21. Glib

    Bought by

    Cygnet Infotech, a majority

    When

    March 2022

    For

    Undisclosed

    Dr Mohit Shah and Purav Parekh started Glib to pull data out of documents, invoices, forms and contracts, with machine learning that reads a page by position, context and structure. In March 2022 Cygnet Infotech, the Ahmedabad technology company, bought a majority stake, an exit inside the city, with the founders continuing to run it.

    From cygnet.one →
22. Volansys Technologies

    Bought by

    ACL Digital

    When

    April 2022

    For

    Undisclosed

    Volansys did product engineering from Ahmedabad for companies from startups to the Fortune 500: design, development, validation and manufacturing of connected devices for industrial and home automation, networking, healthcare and consumer electronics. In April 2022 ACL Digital, part of the French engineering group ALTEN, bought the company for an undisclosed sum to add that depth in IoT to its own services.

    From acldigital.com →
23. Veirdo

    Bought by

    TMRW, a majority

    When

    November 2022

    For

    Part of Rs 289 crore across eight brands

    Amardeep Jadeja, Piyush Ganatra and Dhaval Ahir started Veirdo in 2015, affordable streetwear for young men sold through the marketplaces, and it had grown twentyfold by 2021. In November 2022 TMRW, Aditya Birla Group's house of digital-first brands, took majority stakes in eight labels for Rs 289 crore in all, and Veirdo was the one from Ahmedabad.

    From adityabirla.com →
24. Veeksha

    Bought by

    Adda247

    When

    June 2023

    For

    Undisclosed

    Gaurishankar Singh, Hariprasad Bommidi and Miral Songhela started Veeksha in 2021, 3D lessons in maths and science that a student could turn over on a phone. Two years later Adda247, the Google-backed test-prep company, bought it to put 3D, AR and VR into its K-12 and JEE/NEET courses; it said the students using the material engaged 30% more. Terms were not disclosed.

    From business-standard.com →
25. Tirex Chargers

    Bought by

    Gulf Oil Lubricants, 51%

    When

    August 2023

    For

    Rs 103 crore

    Tirex makes DC fast chargers for electric vehicles, from 30 kW to 240 kW, at a plant in Naroda GIDC, and had put more than 400 of them on the ground for public sector operators, charge point companies and bus makers. In August 2023 Gulf Oil Lubricants India, the Hinduja group company, agreed to buy 51% for Rs 103 crore, its way from lubricants into charging. Tirex had done Rs 13 crore of revenue the year before.

    From autocarpro.in →
26. Pirimid Fintech

    Bought by

    Infibeam Avenues, 49%

    When

    December 2023

    For

    Rs 25 crore

    Nirav Prajapati started Pirimid in 2017 to build trading and lending software for banks and brokers; Bank of Baroda, Lendingkart and BidFX, a subsidiary of the Singapore Exchange, were among the clients. In December 2023 Infibeam Avenues, the Ahmedabad payments company, bought 49% for Rs 25 crore to take its payments business into the capital markets. Pirimid had grown revenue 39% to Rs 13.8 crore the year before.

    From business-standard.com →
27. Clientjoy

    Bought by

    Synup

    When

    January 2024

    For

    Undisclosed

    Yash Shah, Anupama Panchal, Abhishek Doshi and Shashwat Bhatt started Clientjoy in 2019 as a CRM for agencies and freelancers, proposals, contracts, invoices and a client portal in one place, and raised $800,000 from GVFL in 2020. By the time Synup, the American local-marketing software company, bought it in January 2024 it had 16,000 customers in 90 countries. Co-founder Anupama Panchal moved to Synup with the product. Terms were not disclosed.

    From prweb.com →
28. Shy Tiger Brands

    Bought by

    Ghost Kitchens India

    When

    April 2024

    For

    Undisclosed

    Milapsinh Jadeja started Shy Tiger in 2018 and ran five multi-brand cloud kitchens across Ahmedabad, with KBOB's and The Black Chimney the names people ordered. In April 2024 Ghost Kitchens India, the GVFL-backed cloud kitchen company, bought it to run its own brands out of Shy Tiger's kitchens and expand across Gujarat; Jadeja invested in Ghost Kitchens' funding round in turn.

    From entrackr.com →
29. Lendingkart

    Bought by

    Fullerton Financial, a controlling stake

    When

    October 2024

    For

    Rs 252 crore

    Harshvardhan Lunia and Mukul Sachan started Lendingkart in Ahmedabad in 2014 to lend working capital to small businesses on data rather than collateral. In October 2024 Fullerton Financial Holdings, the Temasek subsidiary that already held 38.1% of the company, agreed to put in Rs 252 crore and become the majority, controlling shareholder, subject to regulatory approval, to scale its MSME lending. The founders' company became a subsidiary of its investor.

    From business-standard.com →
30. Navkar Digital Institute

    Bought by

    Veranda Learning, 65%

    When

    February 2025

    For

    Rs 45.5 crore

    Navkar Institute has taught chartered accountancy in Ahmedabad since 1997, when Jigar Shah started it, and Navkar Digital is the arm that takes CA, CS and CMA coaching to students in smaller towns by distance learning. In February 2025 the listed education company Veranda Learning bought 65% for Rs 45.5 crore and folded it into JK Shah Classes, buying a stake in BB Virtuals in the same announcement.

    From business-standard.com →
31. SocialPilot

    Bought by

    group.one

    When

    July 2025

    For

    Over $50 million

    Jimit Bagadiya and Tejas Mehta, college friends, started SocialPilot in 2014 as a tool for small businesses and agencies to plan, publish and report on social media posts, and built it without venture capital into a product used by around 13,000 companies. On 10 July 2025 group.one, the Swedish hosting and software group with two million customers in fifteen countries, agreed to buy it for over $50 million, reported at Rs 400 crore, to add marketing automation to its tools for small businesses.

    From group.one →
32. InnKey

    Bought by

    Yanolja

    When

    May 2026

    For

    Undisclosed

    Viral Shah started InnKey in Ahmedabad in 2011, with Rohan Shah joining to take it further: a hotel ERP on the cloud that runs front office, restaurants, purchasing, accounts and guest messaging for mid-scale chains, on more than 500 hotels across India. On 7 May 2026 Yanolja, the South Korean travel technology company, bought it through Yanolja Cloud Solution, extending a partnership the two already had, with a plan to take InnKey into the Middle East and Southeast Asia. Terms were not disclosed.

    From yanoljagroup.com →
33. Dermatouch

    Bought by

    Wipro Consumer Care, 60%

    When

    August 2026

    For

    Rs 387.5 crore enterprise value

    Anish Nagpal and Amit Purswani started Dermatouch in 2021, dermatologist-tested skincare sold online, and grew it to Rs 131 crore of revenue in FY26, up 114% in a year. In August 2026 Wipro Consumer Care and Lighting bought 60% at an enterprise value of Rs 387.5 crore, its entry into premium skincare and its 18th acquisition worldwide, with the rest of the stake to follow over three years and the founders continuing to run the brand.

    From yourstory.com →