Thinkcell acquires online test-prep platform TestFunda
Hyderabad-based Thinkcell Learning Solutions Pvt Ltd (formerly Gateforum Educational Services Pvt Ltd) has acquired Mumbai-based Enabilon Learning Pvt Ltd, which offers test-preparation packages through TestFunda.com, for an undisclosed sum.
TestFunda focuses on the MBA and bank test-prep market. The platform claims to have over 6 lakh registered users and 250 institutional partners.
Earlier this month, Thinkcell acquired the YUKTI brand to focus on the 12th board exams and engineering and medical entrance exams like JEE, MHT-CET and AIPMT.
With the acquisition of TestFunda, Thinkcell has now been structured into four verticals— GATEFORUM for GATE preparation; YUKTI for preparing students from 8-12 science division for JEE and medical entrance; Logiquest (Kaplan Certified Education Partner) for GRE, GMAT, SAT, TOEFL and USMLE; and TestFunda for online MBA and bank test-prep market.
"TestFunda's technology platform will be used to create synergies for our existing divisions in the online space and provide scale. It also enables us to diversify our domain to include MBA entrance, bank entrance and UPSC," Mohit Goel, CEO and MD, Thinkcell, said.
"Thinkcell is investing Rs 30 crore over two years for diversification including acquisitions," Goel said.
Last year in August, private equity firm ASK Pravi Capital Advisors had acquired a majority stake in Thinkcell.
With an increasing number of online learning startups, the market has started to see signs of consolidation. Several M&As have happened in the space over the last few months. Just a couple of days ago, Bangalore-based MockBank.com, which provides online mock tests for government job aspirants, acquired Litoro, Vijayawada-based web and mobile services company.
In April, online test prep platform Toppr had acquired EasyPrep, an online entrance exam preparation platform. Same month, Singapore-based XSEED Education Pte acquired online learning management business of Pleolabs.
In March 2015, Mumbai based ed-tech startup for competitive entrance test preparation, Embibe.com had acquired 100Marks, a student guidance platform for JEE main and advanced.