April 13: The new agreement signed by Reliance Industries Ltd with Indiavidual Learning Pvt. Ltd (Embibe) for acquiring 73% in the latter Indiavidual Learning Pvt. Ltd may be seen as the conglomerate’s move towards adding muscle to its presence in the education sector.
Aimed at cementing activities in the sector both on a global as well as national scale, the company seems to be looking towards providing access to education for students via plugging technology into as many as 58000 universities in the country. This would make it present in close to 2 million educational institutions.
Going by the reports on the deal, which would see the transaction completed in a two month time frame, Reliance Industries would pocket 34,33,767 Embibe equity for cash consideration on a fully diluted basis. An amount of Rs 1,175 crore is also said to be waiting to be pumped into Indiavidual Learning. The amount will include the consideration to be paid for acquiring the majority stake in Indiavidual over the next three years.
The education scenario has been rich with the presence of Indiavidual Learning (Embibe), ever since inception in year 2012. The company runs 60 educational institutions associated to the platform. The early stage company will make use of the investment to develop its R&D on AI in education.
Embibe has been working towards business expansion in addition to expanding the service geographically. The company will focus on catering to students across K-12, higher education, professional skilling, vernacular languages and other curriculum categories, both inside India and outside.
RIL had also been recently involved in another transaction. The company has struck deal with global music platform Saavn, as a part of which it will now be investing $100 million in Saavn.