Test preparation startup MockBank Learning Pvt. Ltd has raised $400K seed funding led by Blume Ventures.Singapore-based angel fund Mercatus Capital and angel investors such as Amit Ranjan of Slideshare and Srivatsan Rajan of Bain & Co. also participated in the round.
MockBank plans to deploy the funds to strengthen technology, especially on the mobile front and generate more content. As per facts, over 1.8 crore students takes competitive exams every year setting the global online learning market to reach $107 Bn this year. However, the Indian education market is estimated to grow $40 Bn by 2017.
According to company estimates, government jobs in India generates about 20 Mn to 40 Mn applications annually, thus making it a lucrative market.
MockBank was started by former Bain executive Konark Singhal, former IBM executive Manesh Jain and former Sify executive Ramesh Narayanan in 2013. It focuses on jobs related to banking including public sector banks and Reserve Bank of India, financial services and insurance sector.
The startup also plans to explore categories like civil services, engineering services, judicial services and teaching services for jobs.
The company claims to have about 100,000 users inclusive of 5,000 paid customers. It charges customers between $2(INR 150) to $90(INR 6,000) depending on the services.
The test prep market is heavily flooded with offline and online players. MockBank competes with offline test prep players like Mahendra’s Institute, Career Launcher and Career Power among others while the online test prep players have startups like Testbook, Toppr, Plancess, Embibe and Oliveboard.
According to Tracxn, at least 73 startups in online education segment has raised institutional capital this year. With Simplilearn that raised $28 Mn and Toppr, which raised $12.2 Mn as the top grosser, the online education market has seen a total of $63 Mn fundraise since 2014.