Online exam preparation service MockBank buys startup Litoro

BENGALURU: Online exam preparation service MockBank has bought a majority stake in custom web and mobile product development startup Litoro for an undisclosed amount. 

Litoro had helped Mock-Bank develop the initial version of its service. The acquisition will help Bengaluru-based MockBank expand its course offerings and become more mobile-focused. 

"We have acquired Litoro primarily for its experienced team. They knew about our product, which made the decision easy," said KonarkBSE -4.95 % Singhal, managing director of MockBank Learning. Founded in 2012, Vijaywadabased Litoro has 25-30 clients in the education sector. 

Post acquisition, the team has shifted to Bengaluru. Litoro's founder Suresh Bala now heads the engineering team at MockBank, the companies said in a statement. MockBank said this is its first acquisition. 

Earlier this year, the company raised Rs 2.5 crore in seed funding from Blume Ventures and Singapore-based angel fund Mercatus Capital. 

Posted On : 18-02-2016

Copyright © 2016 - All Rights Reserved

Designed by Find Solution