Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,840.45-73.0
Stock Analysis, IPO, Mutual Funds, Bonds & More

Mahindra's Bristlecone looks for startup buys

The San Francisco based firm is looking to acquire companies in areas like analytics and the internet-of-things to drive its business.

, ET Bureau|
Updated: Jul 21, 2016, 01.14 PM IST
0Comments
The San Francisco based firm is looking to acquire companies in areas like analytics and the internet-of-things to drive its business.
The San Francisco based firm is looking to acquire companies in areas like analytics and the internet-of-things to drive its business.
Supply chain firm Bristlecone, owned by the Mahindra Group, is scouting for Indian startups for acquisition as part of its growth strategy, CEO Irfan Khan said.

He added the San Francisco based firm, which is targeting $1 billion in valuation organically in the next three to four years, is looking to acquire companies in areas such as analytics and the internet-of-things to drive its business.

"We have looked at four or five companies this year and we may take steps by the end of this financial year. We've even looked at two Indian startups. They are in a very early stage but we will keep an eye on them, especially the leadership," Khan told ET. He said the company is interested in tapping into the Indian innovation ecosystem, especially now that funding and valuations are calming down. "Now it is easier to evaluate a company on its fundamentals and not get taken in by all the hype. This is a good time to look at Indian startups," he explained.

Venture capital investments in Indian startups fell one-third in the first six months of 2016 compared to that a year ago. According to investors, it is time for Indian startups to go back to basics after a frenzy of funding which started in July 2014 and ended in October 2015.

The Mahindra Group bought a majority stake in Bristlecone in 2004. Khan said the company is growing at 20-30% year on year and expects to reach $1 billion in valuation by 2020.

Also Read

Airtel launches program to support startups

CII Chairman for Startups invests in Pumpkart

Startup nation: Indian startup founders reveal important new trends

Over 1,300 startups added in 2019, over 8,900 tech-startups in India now: Nasscom

Startups offer mentoring to women staffers for leadership challenges

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service