Online skills assessment company Aspiring Minds has acquired online and mobile internship platform, Letsintern, for an undisclosed amount in an all-cash deal.
“The constant feedback we got from organisations was that people need practical knowledge and training,” said Himanshu Aggarwal, CEO of Aspiring Minds, who cofounded the company with Varun Aggarwal in 2008. “Internship has been underplayed for a long time and it is an important part of the overall mix.”
Although the company declined to reveal details of the transaction, it said that as part of the transaction, it would invest $2-3 million in the next two years in the internship space. Founded in 2010 by Rishabh Gupta and Pranay Swarup, Letsintern has a network of 4-million students and has helped over 22,000 organisations such as Amazon, Uber and Reliance hire interns. [Source]
Letsintern was founded in 2010 by Rishabh Gupta and Pranay Swarup. It provides an online skills assessment and has more than 4 million students on its platform. The company comprises of 12 members and will continue to operate as an independent brand.
“Letsintern was built with a vision to best connect students to their careers and the very next step in solving this complex problem is to be able to assess skill sets and suggest next steps. With Aspiring Minds on our side, we have more confidence to realise our shared vision,” said Pranay Swarup, COO of Letsintern.com.
Letsintern is Aspiring Minds’ second acquisition after Mizcoin earlier this year. In October, the company set up Rs 6.5-crore fund to invest in startups.
About Aspiring minds –
The company was founded by Himanshu Aggarwal and Varun Aggarwal in 2007 to enable equal opportunity for entry level talent, and to help companies hire the right candidate in a well scaled and consistent manner. In 2011, Aspiring Minds raised funds led by Omidyar Network, to increase its services and offerings and to expand to new locations.
Aspiring Minds developed the employability test – Aspiring Minds Computer Adaptive Test or AMCAT. Graduates and students can take this test to present a picture of their skills and abilities to the companies. Companies can hire the candidates directly from the database or from Aspiring Minds’ Assessment service.