Paytm Acquires Edukart
Leading Mobile Payment giant Paytm has now acquired Edukart, online education platform. Although technically, it could be called that Edukart has merged itself to Paytm. The reason being, there is no financial considerations involved in the deal.
Edukart was founded in the year 2011 and has more than 10,000 paying students in its platform and was offering more than 250 courses to its students at its online platform. It had also managed to raise $2 million from angel investors including Cricketer Yuvraj Singh and Paytm’s Vijay Shankar Sharma.
As per Economic times, the reason for the merger could be the financial crunch all the start-ups are going through. The fund crunch also has been faced by the many leading e-commerce players including Flipkart.
After the merger, the 50 plus employees from Edukart will now be working with Paytm at different sections of the company. This includes Ishan Gupta; the founder of Edukart will now be working in Paytm’s marketplace unit as Vice President-Business.
The founder of Edukart was an ex-employee of Paytm and had left the company to start Edukart. It seems like a turnaround for him. At the time of writing this article, it is not clear what happens to the existing students who were a part of Edukart.
The online business is always filled with news. It could be of acquisition, merger, or change of leadership. It never fails to amaze the consumers. You can also recollect E-commerce Company, Flipkart, had previously purchased Jabong. Snapdeal, on the other hand, had acquired Gojavas.
You can always expect much more news from these players as they go for more and more changes.