Bangalore-based MockBank recently raised US$400,000 in seed funding from Blume Ventures
The transaction details remain undisclosed.
“We have acquired Litoro primarily for its experienced team. That they already knew so much about our product made the decision,” said Konark Singhal, Co-founder and Managing Director of MockBank.
Founded in 2013 by Singhal, Manesh Jain and Ramesh Narayanan, MockBank helps candidates prepare for various government jobs. Its flagship product is Online Mock Tests that helps candidates prepare for banking competitive examinations.
MockBank claims to have around 100,000 users, and is targetting a market with total user base of 20-40 million job aspirants annually.
The startup had raised US$400,000 in seed funding from Blume Ventures in September this year.
Litoro is a services company for custom web and mobile product development. It was instrumental in developing the initial version of MockBank’s product
“Traditionally acquisitions were primarily used to bolster revenue or for filling product portfolio gaps. We are increasingly seeing acquisition being used as a tool to bolster the team,” said Arpit Agarwal, Principal at Blume Ventures.
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