Zobit, a Blockchain start-up incubated at the Indian School of Business, has acquired FIXU, a tech-based home, office and professional services start-up based here. Vamshi Krishna, founder & CEO, FIXU, will get a stake of 15 per cent in Zobit and 50 million coins from an upcoming ICO (initial coin offering) from it.
Vamshi Krishna, who is also studying at the ISB, will become the CEO of Zobit. “We have signed the memorandum of agreement for the acquisition,” Vamshi Krishna, who is also a co-founder of Zobit, told BusinessLine , announcing the acquisition of his startup by Zobit.
“FIXU has 18 employees and has developed a base of 9,000 vendors, providing a basket of services. We have served over 22,000 customers in Hyderabad and Bengaluru,” he said.
Started as a research project at the ISB last year, Zobit to provide data privacy and security to “a billion people” using Blockchain technology. It will offer the services over its platform BlockXlab. “We initially are launching three divisions FIXU, ZoPay and GamesKick,” he said.