MockBank Raises Rs 2.5 Crore From Blume Ventures
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Bangalore-based MockBank that offers online mock tests for banking examinations has raised Rs 2.5 crore from Blume Ventures and a clutch of other well-known angels from India and Singapore.
MockBank was founded by Konark Singhal, Manesh Jain and Ramesh Narayanan in July 2013. They provide online test preparation services for 100-plus sarkari naukri entrances (government job entrances) for PSU banks and insurance companies. Some of the exams they help students with are IBPS PO, SBI PO, RBI Assistant, RBI Grade B, LIC AAO.
“Every year around two to four crore applications are made for government jobs. It is a 1.5 billion dollar market which is highly under-served,” says Singhal.
In the last two years, they have been able to reach over one lakh users across India. It is interesting to note that 40 per cent of their applicants are from the states of UP and Bihar.
The cost of their study material starts at Rs 150 and ends at Rs 6,000. Some of their extensive packages have over 200 videos and 100 full length tests apart from the small tests and interactive sessions.
According to Singhal what makes their company stand apart are their offline interventions of the faculty with students through phone for mentorship and through videos for interactive doubt solving sessions. “We are trying to replace the high touch offline model to a high touch virtual (digital) model, making sure the quality of learning and pedagogy is not compromised,” he says.
They will use the funding to enhance their technology platform and content offerings. They want to broaden their horizon by including online courses for government jobs in civil services, engineering, law and government schools.