Responding to a petition filed by a Sri Lankan edtech startup on Monday Medical Joyworks, LLC, Justice AH Laddad passed an ex parte order against sorting hat technologies Unacademy’s parent company Pvt, and its investors—Blue Venture Advisors, Sequoia Capital India, SoftBank Vision Fund and Temasek Holdings—barred the company from using it. prepladder app till further notice.
last July,
Unacademy acquired PrepLadder for $50 million In a cash and stock deal. Its founders Dipanshu Goel, Vitul Goel and Sahil Goel joined Unacademy along with a 250-member team. ET reported on August 2 that Unacademy based in Bengaluru
raised $440 million A new round of funding values the firm at $3.4 billion. PrepLadder is an online learning platform for NEET-PG and other exams including FMGE, CAT, UPSC, GATE, IIT JEE, among others.
“The court passed an order barring Unacademy, PrepLadder… from using the PrepLadder application and website as well as their content in full – unless all proprietary information, information and information relating to Medical Joyworks The technology is not used. Medical Joyworks and has been removed to the satisfaction of an independent auditor,” the Sri Lankan startup said in a post on its website.
The court in its order, a copy of which was reviewed by ET, observed that the plaintiff (Medical Joyworks) can claim compensation after assessing the damages, if any.
Dr. Nayana Somaratna, CEO and Co-Founder, Medical Joyworks, said in a post on the company’s website, “We are grateful to the Court for passing the injunction order to protect our rights and for taking swift and decisive action in this matter. ” “We will continue our trial in the hope that a satisfactory resolution that respects our work, our clients and the wider medical community will be achieved.”
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The Sri Lankan startup claims to have provided extensive evidence (to the court) detailing how PrepLadder was systematically copying, altering and presenting its own medical joyworks proprietary information, information and technology as Was.
When contacted, Amit Vyas, partner at law firm Vertis Partners, who appeared for the Sri Lankan edtech startup along with lawyer Pradeep Gandhi, confirmed the development, but declined to provide any details since the matter is sub-judice.
Unacademy spokesperson said, “PrepLadder Pvt Ltd and Sorting Hat Technologies Pvt Ltd have received a communication from the advocates of Medical Joyworks LLC stating that an ex-parte interim order has been passed against them in Bombay City Civil Court. ” “We are in the process of reviewing the relevant documents. We will decide on our next course of action (including protecting our rights and interests) in consultation with our legal advisors.
Emailed queries to spokespersons for SoftBank, Bloom, Sequoia and Temasek did not immediately elicit a response. This story will be updated whenever they do.