#Asia India’s MockBank acqui-hires web services company Litoro


Bangalore-based MockBank recently raised US$400,000 in seed funding from Blume Ventures

MockBank and Litoro founding teams

MockBank and Litoro founding teams

MockBank.com, an online platform providing mock tests for candidates appearing for banking examinations in India, has acqui-hired web and mobile services startup Litoro.

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.

Also Read: Snapdeal forays into e-learning space. A way to fight competition?

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.

Also Read: India’s energy data analytics startup Zenatix gets pre-Series A from Blume

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.

The post India’s MockBank acqui-hires web services company Litoro appeared first on e27.

from e27 http://ift.tt/1QccxMR

This entry was posted in #Asia by Startup365. Bookmark the permalink.

About Startup365

Chaque jour nous vous présenterons une nouvelle Startup française ! Notre pays regorge de talents et d'entrepreneurs brillants ! Alors partons à la découverte des meilleures startup françaises ! Certaines d'entre elles sont dans une étape essentielle dans la vie d'une startup : la recherche de financement, notamment par le financement participatif (ou crowdfunding en anglais). Alors participez à cette grande aventure en leur faisant une petite donation ! Les startups françaises ont besoin de vous !