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 MockBank develop the initial version of its service. The acquisition will help Bengaluru-based MockBank expand its course offerings and become more mobile-focussed.

“We have acquired Litoro primarily for its experienced team. They knew about our product, which made the decision easy,” said managing director of MockBank Learning, Konark Singhal, 

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.

Source: The Economic Times