Paytm has acqui-hired EduKart, an e-learning marketplace for an undisclosed amount. As of now, EduKart’s website is live and functional and multiple teams are still working at the company, according to a support executive we spoke with. The Mint report stated that around 50 of EduKart’s employees would join Paytm’s seller services division. Paytm confirmed the development to MediaNama but did not respond to our query about the startup’s employees and functions.
It is unclear as to how long EduKart will continue functioning for and if its employees will join Paytm. EduKart’s co-founder Ishan Gupta now works as the VP of business at Paytm. Gupta has worked with Paytm previously (among other companies) for 2 years before he co-founded EduKart with Mayank Gupta in 2011. Mayank Gupta left the company in December 2014 and joined Zopper as VP of services in August last year.
EduKart offers paid online educational courses. It is unclear how this overlaps with Paytm’s business interests, other than the fact that Paytm was one of the modes of payment for EduKart listed courses.
Note that Paytm founder and CEO Vijay Shekhar Sharma had invested $500,000 along with Manish Kheterpal in the startup in 2013. In June last year, EduKart had raised $1 million from multiple investors among which Sharma was one. Sharma was also a board member of EduKart. EduKart had also raised $500,000 from angel and institutional investors in March 2013.
In January 2015, Mayank Gupta, the co-founder of EduKart had told MediaNama that the company planned to tie up with corporates for employee education and training, and enhance its offline presence in the country and expand to neighbouring countries. The company had 30 franchises in February 2013.
Shifu acquisition: In January this year, Paytm acquired Shifu, a consumer behavior prediction platform for an undisclosed amount. An ET Telecom report pegged the deal at around $8 million. Post acquisition, Shifu’s team of 20 along joined Paytm, where they would work on consumer experience. Sharma also had an investment in Shifu prior to the acquisition. Shifu was founded by Prashant Singh, Deepansh Jain and Michael Massey in June 2013.
Paytm funding: Last month, Taiwanese semiconductor manufacturer MediaTek invested $60 million (Rs 400 crore) in Paytm. Overall the company was looking to raise $300 million (Rs 2000 crore), the rest of which was expected to be raised through Alibaba and SAIF Partners.
In a lighter vein, also read: Education is overrated, says Paytm founder Vijay Shekhar Sharma