MockBank Learning Pvt. Ltd, a test
preparation start-up for government jobs has acquired Vijayawada based web and
mobile services company Litoro Tech Solutions Pvt. Ltd. The purchase is part of a so-called
acqui-hire strategy in which one company buys another to gain access to the
target talent pool rather than its products and services.
Litoro was founded in 2012. In September,
MockBank raised $400,000 in a seed round of funding led by Blume Ventures.
Singapore based angel fund Mercatus Capital and angel investors such as
SlideShare co-founder Amit Ranjan and Bain and Co. India chairman Srivatsan
Rajan also participated in the round.
MockBank focuses on jobs related to
the banking financial services and insurance sector, including public sector
banks, Reserve Bank of India and Life Insurance Corporation of India. MockBank
also plans to explore categories like civil and judicial services, engineering
and teaching. The company claims to have more than 100,000 users over 5,000
among them being paying customers. MockBank charges customers between Rs. 150
and Rs. 6000 depending on the services.
India has become the largest e-learning
market after the US, and the sector is projected to grow at a compounded annual
rate of 17.4% between 2013 and 2018, twice as fast as the global average. At
least 73 companies in the online education segment have raised institutional
capital this year. About $63 Million have been pumped into this sector since
2014, while Simplilearn which has raised $28 Million, and Toppr with about
$12.2 Million.
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