Source: News Bharati English27 Sep 2016 14:34:40
Bengaluru, September 27: Online payment firm Paytm acquired education technology start-up ‘Edukart’. The purchase is however an acquihire where the purchase is done primarily for the skills and expertise of its staff. The purchase value was not disclosed by the sources.
According to the sources, 50-odd employees of Edukart will handle various responsibilities around seller services. Ishan Gupta, founder and chief executive of Earth Education Valley Pvt. Ltd will head the seller financing team who just joined Paytm as vice-president of business. Edukart was a part of Earth Education Valley Pvt. Ltd.
“While the team has been absorbed into Paytm, investors are also looking for a buyer for Edukart’s business. Finding a buyer is difficult in the current scenario, where very few edutech start-ups barring the likes of Simplilearn or Byju’s have managed to scale up,” the concerned authorities reported. The development was confirmed by the Paytm.
Ishan Gupta started Edukart in 2011 with Mayank Gupta. Ishan is a management graduate from Stanford University while Mayank is an alumnus of the Indian Institute of Management, Kozhikode. Edukart became the buzz place for coaching for entrance examinations. It also looked after K 12, degree, diploma and certificate courses.