25.8.16

Mumbai Brothers Become Billionaires After Chinese Firm Buys Their Startup For $900 Million

Two brothers from Mumbai became billionaires on Monday after selling their tech start-up to a consortium of Chinese investors for $900 million, becoming one of the most expensive deals in the sector. Medianet is the baby of siblings Divyank Turakhia and Bhavin Turakhia who were born and brought up in Mumbai and provides a huge range of products for creating, targeting and evaluating advertising campaigns. It also supports publishers by connecting them to relevant ads via their Yahoo! Bing network. 

Medianet
Divyank Turakhi (right); Reuters
This $900 million deal is more expensive than Google's purchase of AdMob in 2010 and Twitter's $350 million dollar acquisition of MoPub in 2013. The Economic Times called the deal surprising and said "it comes at a time when the tech industry is struggling". 
The consortium is led by Beijing Miteno Communication Technology (BMCT) Chairman Zhiyong Zhang and they have already paid $426 million. Medianet will eventually become a subsidiary of BMCT. 

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