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Microsoft Ventures Has Not Invested In BookPad Or Praxify

Microsoft Ventures has informed Medianama that it has not invested in BookPad or Praxify, rather these two companies will be joining the accelerator's fourth batch which is starting in January 2014. Microsoft Ventures hasn't invested in any Indian company yet. On Monday, YourStory.in had reported that Microsoft Ventures had invested an undisclosed amount in BookPad and Praxify, citing Microsoft Ventures General Manager Rahul Sood. However, Microsoft Ventures told these two companies were chosen among 11 companies who had pitched in a session at the recently concluded Nasscom Product Conclave. Note that unlike other accelerators, Microsoft Accelerator doesn't take any debt or equity from the participating startups, and hence doesn't provide any investment to the participants, but it claims to connect them with venture capitalists and angel investors to raise financing. Speaking of the startups, Bangalore-based BookPad is building a product called Docspad which provides a set of cloud APIs to app developers which can be used to receive instant document handling within their respective applications. It allows them to embed documents across various formats (docx, pdf, ppt, xls and others) through a customizable Docspad Reader and enable their users to preview, edit and manage documents right from the app interface. It also provides features like collaborative editing, commenting, annotations and others [Video Demo]. BookPad offers this service through different plans based on the monthly API calls the company needs, starting at a basic tier which offers up to 10,000 monthly API calls, and going up to basic plus tier (1,00,000 monthly API calls) and bulk tier (above 1,00,000 monthly API calls). It also has a free…

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