Paytm acquires Edukart in a no cash consideration deal

Moneycontrol BureauOne97 Communication, the parent of payment services company Paytm, has acquired the education start-up Edukart, which is backed by cricketer Yuvraj Singh. According to media reports, about 50 employees of Edukart have joined Paytm across different verticals.A report in Economic Times says the deal has no cash consideration as the deal is more to acquire the skills and expertise of the employees. The deal includes an employment contract. Edukart’s founder Ishan Gupta, is an ex-Paytm employee and had founded the portal in 2011. The start-up has raised USD 2 million in funding from YouWeCan ventures and others and also has Paytm as one of its first investors. Edukart has over 10,000 paid students and offers aggregated courses by other start-ups such as Edureka and Toppr as well as institutes like Vidyamandir Classes and Bharati Vidyapeeth Deemed Institute. "I am excited to be back at Paytm to build a large bouquet of service offerings for the merchants on Paytm," Gupta told Business Standard.