Test Preparation Startup MockBank Raises $400K Led by Blume Ventures

MockBank Learning Pvt. Ltd, a test preparation start-up that offers online mock tests for government jobs, has raised $400,000 in a seed round of funding led by Blume Ventures.

Singapore-based angel fund Mercatus Capital and angel investors such as Slideshare Co-founder Amit Ranjan and Bain & Co. India Chairman Srivatsan Rajan also participated in the round. The startup was founded by Konark Singhal, Manesh Jain and Ramesh Narayanan in July 2013, aims to use the raised funding to strengthen technology, especially on the mobile front, and generate more content.

Also Read: Growth of Smart Online Education Over Conventional Learning

The company provides online test preparation services focusing on jobs related to the banking, financial services and insurance sector, including public sector banks, Reserve Bank of India and Life Insurance Corporation of India. It claims to have about 100,000 users, about 5,000 among them being paid customers. The cost of their study material starts at Rs 150 and ends at Rs 6,000, depending on the services.

MockBank competes with like startups like Testbook, Toppr, Plancess, Embibe and Oliveboard.