Bengaluru-Based MockBank Acquires Tech Startup Litoro
MockBank Learning Pvt. Ltd, a test preparation start-up for government jobs, said on Tuesday (08 December) that it has acquired Vijayawada-based web and mobile and services company Litoro Tech Solutions Pvt. Ltd
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MockBank Learning Pvt. Ltd, a test preparation start-up for government jobs, said on Tuesday (08 December) that it has acquired Vijayawada-based web and mobile and services company Litoro Tech Solutions Pvt. Ltd.
Financial details of the purchase weren’t disclosed.
After the acquisition, Litoro’s entire team has moved to Bengaluru and joined MockBank.
Suresh Bala, the founder of Litoro, will also join the company as head of engineering.
“The primary purpose for the acqui-hire was to strengthen our team. Litoro seemed a natural fit because they have been our technology outsourcing partners and really understood our product well, even before coming on board,” said Konark Singhal, co-founder and managing director of MockBank.
Litoro was founded in 2012 by Suresh Bala and Naresh Sennamsetty.
In September, MockBank had raised $400,000 in a seed round of funding led by Blume Ventures, and with participation from Mercatus Capital, Amit Ranjan and Srivatsan Rajan to strengthen its technology, especially on mobile, and to generate more content.
The company also plans to explore categories like civil and judicial services, engineering and teaching.
Mockbank has more than 100,000 users, over 5,000 among them being paying customers. MockBank charges customers between Rs 150 and Rs 6,000 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 per cent between 2013 and 2018—twice as fast as the global average, a recent UK-India Business Council report said.