Paytm, an e-commerce website popularly known for payment services, acqui-hired an educational start up Edukart. As acqui-hiring is slightly different from buying, this transaction is mainly for buying Edukart for its skilled and expertized staff.
Edukart was founded by Ishan Gupta, a management graduate from Stanford University and Mayank Gupta, an alumnus of IIM Kozhikode in 2011. However, Mayank Gupta left Edukart in 2014 and joined online electronics marketplace Zopper. It’s headquater is in Bengaluru. It has more than 10,000 paid students with partnership with more than 120 course providers such as Byju’s, Simplilearn, Akash Institute, Vidyamandir classes, Annamalai University and much more. Edukart platform offers around 2,500 wide range of courses.
With the confirmation of news of acqui-hiring by Ishan Gupta, 50 employees of Edukart will now join Paytm and Ishan himself joined paytm as vice president of business and will manage the seller financing team.
He said, “This is just an acqui-hiring and not an asset sale of the Eduakart assets. Therefore, Paytm will not get access to any of IP address of Edukart. In fact, Edukart is in its own discussion for a strategic asset sale.”
The start-up Edukart has struggled with the fundraising problem which was further acquired by the cricketer Yuvraj Singh and Paytm founder Vijay Shekhar Sharma. The company has raised fund in three rounds of funding by other angel investors Manish Kheterpal, AKM systems, and Stanford Alumni.
For now, these are solid days for Edukart as Paytm is a well-established company which offers a wide range of service from various types of recharge to shopping. Last year, Paytm bought consumer behavior prediction and recommendation platform Shifu and home services provider Near.in. It has also made investments in online Auto-rickshaw provider Jugnoo, logistic data start-up LogiNext and deal discovery app ‘Little’.