Apr 13: Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday said that it has executed definitive agreements to acquire majority shareholding constituting 72.69% (on fully diluted basis) from existing investors of Indiavidual Learning Pvt Ltd (Embibe), a leading AI-based education platform leveraging data analytics to deliver personalized learning outcomes to each student.
According to a company statement, Reliance has agreed to invest upto Rupee equivalent of $180 million into Embibe, (including consideration to be paid for acquiring majority stake from existing investors) over the next three years.
“Embibe will use the capital over the next three years towards deepening its R&D on AI in education, as well as business growth and geographic expansion, catering to students across K-12, higher education, professional skilling, vernacular languages and all curriculum categories across India and internationally. The founder and CEO of Embibe, Aditi Avasthi will continue in her leadership role and will drive the growth of the business,” the statement said.
Speaking on this strategic transaction, Akash Ambani, Director, Reliance Jio, said, “the investment in Embibe underlines Reliance’s commitment to growing the education sector in India and the world and making education accessible to the widest possible group of students by deploying technology. Reliance aims to connect over 1.9 million schools and 58,000 universities across India with technology. We are delighted to announce this partnership with Embibe, and believe that their highly experienced management team will be instrumental in enabling Reliance to realize its vision for the education sector, and strengthening Jio’s leadership position as a digital technology company.”
The transaction is subject to customary closing conditions, according to the company.