Bubbly is a Singaporean voice-based social media app firm that is peddled to be the twitter and instagram for your voice. Post considering a series of close call acquisition bids, Bubbly is set to be acquired by Chandhigarh, India based, Altruist Technologies. The financials of the deal are not yet made official.
Altruist, is a mobile social networking services provider having its presence in various markets like Europe, Africa, and Asia. The deal shall add Bubbly’s over 40 million users across Asia and the Middle East, along with 140 million BubbleTalk users across India and Asia, to Altruist’s vast portfolio of voice-based services.
Altruist Technologies believed that the app would complement and benefit their 80 million users strong European and African voice platform business. The workforce from both companies will now assemble together and relocate to India or Indonesia owing to their massive user-base in these countries.
Bubbly’s present investors had previously opined they would liquidate the social media start-up. But they are extremely bullish towards Bubbly now, and are willing to stay associated as minority shareholders in the combined entity, as per an official statement.
It is worth noting that, Bubbly had received US$39 million from venture capital stalwart firms like Sequoia Capital, Singtel Innov8, JAFCO Asia.
Bubbly had initiated five rounds of venture capital funding since 2006. Their preceding fund-raise, in 2012, was for US$5 million and comprised JAFCO Asia, Innov8, and Sequoia.
As per TechInAsia’s previous report, according to sources, Bubbly was on the brink of liquidation, since a few acquisitions deals it followed didn’t work out that well. Bubbly had initiated the due diligence process various times in the preceding nine months, expecting acquisitions.