How this Tirupur founder’s bootstrapped cloud tech startup was acquired by L&T Infotech for over Rs 100 Cr

By December 18, 2019 February 11th, 2020 News

Siva S from Tirupur in Tamil Nadu used newspapers to bind his school books as his family could not afford to buy the brown paper. He also designed his own labels for the books. Impressed with his artwork, his classmates started paying him money for these labels.

The seeds of entrepreneurship were very much there in Siva right from his childhood, which eventually led to an exciting journey for the engineering graduate.

Siva’s four-year-old bootstrapped technology startup PowerupCloud was acquired by Larsen & Toubro Infotech (LTI) for $15 million (approx Rs 105 crore) in October this year. The startup had grown without any external funding.

Filings made with stock exchange reveal that PowerupCloud registered a revenue of $3.5 million for FY 2018-19, which gives the startup almost five-time valuation on its topline.

Humble beginnings

“My parents did not want me to start anything on my own since they wanted me to secure a job in a well-known MNC or go abroad,” says Siva.

Call it by design or destiny, there were other plans for Siva. Though he did work with a couple of large technology companies, which were cushy and well-paid jobs, he eventually did start out on his own. While working Siva realised that Cloud was going to be the next big thing in the area of technology with companies like Amazon Web Services entering India. He worked with a couple of smaller companies engaged with cloud technology to get a first-hand feel of this segment.

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