Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr In a recent event, mobile payment and e-commerce firm Paytm recruited as many as 50 employees altogether who previously belonged to online education startup Edukart on Monday. The departments for which the recruitments have been made are marketing, sales, payments/accounts, marketplaces and so on. The respective education technology- based firm was backed by Earth Education Valley Pvt. Ltd. but after a failed attempt of series of fundraising, the acquiring was done through the help Cricketer Yuvraj Singh along with Paytm founder Vijay Shekhar Sharma. This particular attempt is a bit different from other common purchases thus termed as ‘acquihire’ which means buying a company mainly for it’s skilled and expertized staffs or employees. Online education technological startup Edukart was founded in 2011 by Ishan Gupta and Mayank Gupta. Both being a management graduate, it is headquartered in Bengaluru. The platform dealt with aggregating 12,000 diplomae, degree and certificate courses besides providing coaching for the entrance examination. The courses which were adhered by the startup were taken from apps like Byju’s, Eudreka, Toppr, Simplilearn, coaching institutes such as Vidyamandir Classes, Akash Institute, Bharti Vidya Mandir Deemed University, National Institute of Management and Technology, Annamalai University, University of Mysore and so on. As of now, Edukart founder Ishan Gupta has joined Paytm as Vice-President of business, and looking after the seller financing team. The co-founder Mayank Gupta left Edukart long back in 2014 thus joining online electronics marketplace Zopper. Rest of the team which are 50-odd employees will handle various roles and responsibilities around seller services, but only in the condition of anonymity. There are still several attempts being made to buy the business of Edukart despite the purchases by Paytm; it’s becoming quite a difficult process to find appropriate firms so as to scale up in the competitive market. Currently, in the recent acquisition, Edukart raised 2 million USD in 3 rounds of Series A funding which comprised of capitalists like Kima Ventures, Stanford Alumni, Sharma from Paytm, AKM Systems, Vibhor Sharma (former partner at SAIF Partners), Yuvraj Singh’s YouWeCan Ventures, Manish Khetrapal (founder of Water Bridge Ventures), Angel Investors Arihant Patni and Amit Patni, United Finsec, and so on. Finally, the acquisition was bagged by Yuvraj Singh and Paytm. The last fundraising happened in June 2015 where the undisclosed amount targeted to provide 100 million USD for the course enrollment along with a possessing minimum of 1,00,000 students annually. Before starting up the business, Ishan worked for One97 Communications Ltd. a payment service provider also named as Paytm from 2009 to 2011. Apart from Edukart, other edutech startup firms like Simplileran and Byju’s have successfully roped in major investors thus attracting them to fund appropriately. In total, there are 400 edutech running in India of which major ones are backed by Venture Capitalists.