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MockBank acqui-hires Litoro for an undisclosed amount

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Online exam preparation service MockBank has acqui-hired Litoro, a Vijaywada based web and mobile services company. Litoro has previously worked with MockBank to develop initial versions of the latter’s products. The company mentions that the past associations led to the acquisition.

Post acquisition, Litoro’s entire team has moved to Bangalore and joined MockBank. Suresh Bala, the founder of Litoro, will also join the company as head of engineering. Prior to the acquisition, Litoro provided web design, web apps, UI design and hosting services. The company will now help develop and maintain MockBank’s products.

Note that 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. At the time, the company said that it would use the funds to strengthen its technology, especially on mobile, and to generate more content.

MockBank currently focuses on online preparation for government jobs including IBPS exams, SSC/UPCS, SBI and associate banks, insurance, RBI/SEBI/SIDBI and other specialist exams. It also offers videos for conceptual understanding of test subjects, performance analysis and faculty interaction via phone mentorship. The platform also claims to offer an unconditional full refund to dissatisfied customers. MockBank is accessible over the web and through an Android app. Founded by Konark Singhal, Manesh Jain and Ramesh Narayanan in July 2013, it currently claims to have over 100,000 users.

Competition: There are quite a few test preparation services, although not all of them offer preparations for government jobs, mostly choosing to focus on JEE and other competitive exam preparation. OnlineTyari, which raised $750,000 in funding in September, provides test prep for civil services, banking, UPSC, state government job tests and other exams. Others like Plancess and Toppr, provide question banks for IIT JEE and other such exams.

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