Mobile Payments and eCommerce platform Paytm announced on Monday the acquisition of EduKart. To confirm this news, Paytm said the 50-member EduKart team will join them. Ishan Gupta, founder and CEO of EduKart, will lead the group “Doing Business in Paytm, Managing the Vendor Ecosystem.” However, EduKart is still negotiating to sell its own strategy. This includes intellectual property and courses that they have built over time. This confirmation was made by Ishan, who said, This is just an Acqui-recruiter and not a sale of the property of EduKart. Therefore, Paytm will not hold intellectual property or EduKart products. In fact, EduKart is discussing separately the sale of strategic assets. The source said the deal was negotiated and closed for the past four months. It has paid over 10,000 students on its foundation, starting with education that is supposed to have partnerships with more than 120 course providers and more than 2,500 live courses in the background. their platform. Kiran Vasireddy, Senior Vice President, Paytm said: The research team has built an EduKart platform for translators. Unique education in a short time and in-depth knowledge of customer needs. We welcome the EduKart team to join our trip. This initiative will strengthen our efforts to develop services faster and stimulate growth in this area. Ishan, who is part of Paytmare’s parent company, One97 Communications 2009-2011, added: I’m delighted to be back. Get Paytm to create a variety of services offered to merchants on Paytm. I am also delighted that the powerful EduKart team is now opening up new opportunities as part of this trip. Incidentally, the founder of One97 Communications, Vijay Shekhar Sharma, is also the first EduKart investor and part of the company’s board. Yuvraj Singh with Ishan Gupta (Founder – Edukart) So far, the company has raised $ 2 million in three rounds of capital that Holostik Groupare States Finsec (home office) arm, Yuvraj Singhare YouWeCan Ventures, and 500 Startups. Other angel investors in the company also include Vijay Shekhar Sharma, Manish Kheterpal Amit and Arihant Patni, angels and alumni of Stanford Business School. In the final round of financing in June 2015 EduKart is a 5x growth rate, while seeking to generate over $ 100 million in revenue for existing suppliers. At its recruitment more than 1,000,000 students per year. In December 2014, we learned that co-founder Mayank Gupta had left the company to join Zopper online. Among Edutech players, Byju recently sponsored $ 50 million earlier this month. In a similar space, Simplilearn, focusing more on the certification of professionals, has also been raised so far. However, we can not deny the lack of funds in the edutech space, making this agreement the target of EduKart.
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