Online test preparation platform, MockBank has acqui-hired Vijayawada based startup Litoro to strengthen their tech team.
We have acquired Litoro primarily for its experienced tech team. That they already knew so much about our product made the decision easy,
said Konark Singhal MD, referring to their prior association with Litoro which had helped in the development of first product of MockBank.
The terms of the deal were not disclosed. The entire team of Litoro will move to Bengaluru at MockBank’s office and its founder Suresh Bala will now head MockBank’s engineering team.
Litoro is a custom web and mobile product development start-up which was launched in 2012. It has developed web applications across different verticals such as education, Inventory Management, Real Estate and E-Commerce. The experience of Litoro team to develop web and mobile application will help MockBank to strengthen and diversify its own product portfolio.
MockBank was launched in 2014 and exclusively exclusively targets the test preparation for government jobs. It offers test preparation of popular banking, financial and insurance sector exams such as those related with RBI, public sector banks and LIC.
As per MockBank, the number of aspirants for such government exams can be anywhere between 20 million to 40 million every year making it a lucrative market. As of September 2015, MockBank has 100000 users among whom 5000 are paid users who avail paid services of MockBank ranging from Rs 150- Rs 6000. It has plans to also offer test preparation for civil services, judicial services, engineering services and teaching services in the future.
Earlier this year, MockBank had raised $400K in seed funding round led by Bume Ventures to strengthen their technology. The other investors in the round included Singapore based angel fund and personal investments from Slideshare co-founder Amit Ranjan and Bain & Co. India chairman Srivatsan Rajan.