The financials of the transaction were, however, not disclosed.
As part of the deal, Papyrus founder Gaurav Tiwari will join YourStory as its key tech lead. He will also help build new products that the media firm is currently working on, including the Indian languages user-generated content (UGC) product that is slated for launch in January 2016.
“What drives us at YourStory every day is the chance to tell stories of doers, people who are shaping their own world and the world around them.The acquisition of Papyrus is a significant step towards achieving this objective,” said YourStory founder and CEO Shradha Sharma.
“I met Gaurav Tiwari – a remarkable entrepreneur – last year, and immediately realized there was an opportunity for great synergy. We knew we shared a similar vision to give everyone the ability to share and communicate through their stories,” she added.
Papyrus is a simple online editor that helps authors create ebooks using a simple, easy-to-use interface. It allows users to edit the cover using a simple drag-and-drop cover editor, import content from the web or create new content as easily as writing a blog post. To put up a book for sale, the author or user simply has to set a price and click ‘publish’.
“Being a part of YourStory will give Papyrus access to a larger user base and help take the product to the next level,” said Tiwari.
Launched in 2008, YourStory claims to have published over 21,000 stories of entrepreneurs, innovators, and change-makers and is available in 13 Indian languages. In August, YourStory raised an undisclosed amount of funding led by Kalaari Capital along with participation from Qualcomm Ventures, TV Mohandas Pai and Ratan Tata.