Online exam preparation startup MockBank has raised $400K in seed funding round led by Bume Ventures with participation from other investors such as Slideshare co-founder Amit Ranjan and Bain & Co. India chairman Srivatsan Rajan and Singapore based angel fund Mercatus Capital.
The company plans to use the funds to strengthen their technology particularly on mobile front and to generate more content.
MockBank was founded in 2013 by former IBM executive Manesh Jain,former Bain executive Konark Singhal former Sify executive Ramesh Narayanan . It exclusively targets the test preparation for government jobs which it believes is still a lucrative market with applicants ranging between 20 million to 40 million every year.
We are at the intersection of education and jobs. Government jobs are still a very big draw in the country and most of the recruitment happens through competitive examination
said one of the co-founders Konark Singhal.
MockBank aids in the preparation of popular banking, financial and insurance sector exams such as those related with RBI, public sector banks and LIC. Currently the company claims to have 100000 users among whom 5000 are paid users who avail paid services of MockBank ranging from Rs 150- Rs 6000.
It has plans to offer test preparation for civil services, judicial services, engineering services and teaching services in the future. Existing online players such as Oliveboard and Testbook and offline players like Mahendra’s Institute and Career Power in test preparation segment are among the major competitors of MockBank.
With the increasing penetration of internet in a particularly traditional education and exam focussed country like India, online test preparation market is fastly emerging as an attractive option for investors. According to a recent UK-India Business Council report India has become the largest e-learning market after the US, with a compounded annual growth rate of of 17.4% between 2013 and 2018 which is twice the global average.
And rightly so, there are plenty of online learning and test preparation companies currently functioning in India which include test preparation websites like Toppr, Examify, Embibe and Meritnation and also websites like Simplilearn and Edureka which offer certificate based online courses.
Among these Simplilearn has so far raised $28 million while Toppr raised 12.2$ million out of total $63 million funding which has been raised as institutional capital by as many as 73 of such startups in online learning segment since 2014.