Test prep startup OnlineTyari acqui-hires photo app Plix
Next Door Learning Solutions Pvt. Ltd, which runs multi-lingual test preparation startup OnlineTyari, has acqui-hired photo-sharing app maker Plix in a cash-and-equity deal.
"Plix's core product is pattern recognition and data management. It fits in nicely with OnlineTyari because it is very mobile-centric," Vipin Agarwal, co-founder and chief executive of OnlineTyari, told Techcircle. "Ultimately, OnlineTyari is a platform for people to study on their phones."
Acqui-hire refers to the buyout of a company mainly for the skills of its staff, rather than for its products or services.
The Economic Times first reported the development and put the deal value at $1.5 million (Rs 10.2 crore).
Agarwal also said that seven of Plix's 17 employees will join the test prep company shortly.
Plix is backed by incubator Instalabs LLC, which was launched early this year.
Apurv Chawla, founder of Plix, told The Economic Times that the app's technology can be used on the platform of OnlineTyari to recognise patterns and personalise tests.
OnlineTyari was founded in 2014 by IIT Kanpur alumni Vipin Agarwal and Bhola Ram Meena. Agarwal previously founded enMarkit.com, a customer intelligence platform to assist e-commerce companies. He worked with Kotak Private Equity and Nexus Venture Partners before becoming an entrepreneur. Meena had earlier launched GetMeCab, one of the first taxi-hailing apps in India.
Last month, OnlineTyari raised $3 million (Rs 20 crore) in its Series A round of funding from Michael and Susan Dell Foundation and other investors.
OnlineTyari offers a suite of solutions including entrance tests for state-run companies, government jobs and higher education institutes. It claims its app has recorded 3.5 million downloads and that it has 400,000 daily active users.