Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Bangalore-based test preparation startup, MockBank Learning Pvt. Ltd, has acquired Vijayawada-based custom web & mobile product development startup, Litoro Tech Solutions Pvt. Ltd, in order to strengthen its tech team.
Andhra Pradesh-based Litoro was founded in 2012 by Suresh Bala and Naresh Sennamsetty. It is a custom web & mobile product development startup that develops web applications across different verticals such as education, inventory management, real estate and ecommerce. The startup has about 25-30 clients.
Litoro’s founder Suresh Bala will now head the engineering team at MockBank. Also, the entire team of Litoro has shifted to Bangalore to join MockBank.
Litoro had helped Mock-Bank develop the initial version of its service and now, with this acquisition, it will help MockBank expand its course offerings to help them become more mobile-focused.
MockBank was started by former Bain executive Konark Singhal, former IBM executive Manesh Jain and former Sify executive Ramesh Narayanan, in 2013. It focuses on jobs related to banking including public sector banks and Reserve Bank of India, financial services and insurance sector. Besides, the company is also looking to explore categories like civil services, engineering services, judicial services and teaching services for jobs.
The company has more than 100,000 users, out of which 5,000 among them are paid customers. MockBank charges customers between INR 150 and INR 6,000 depending on the services.
In September this year, the company raised $400K in seed round funding led by Blume Ventures. Singapore-based angel fund Mercatus Capital and angel investors such as Amit Ranjan of Slideshare and Srivatsan Rajan of Bain & Co. also participated in the round.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.