Embibe - the company Reliance invested Rs 1,192 crore in

In a recently made announcement, the Reliance Industries Limited (RIL) announced taking a majority stake in online education platform Embibe, a Bengaluru-based company. 

Investing Rs 1,192 crore ($180 million) into the company, Reliance has acquired 72.69% in Embibe.

Let’s learn a bit more about this deal with online education platform -

• Started in the year 2012, Embibe offers an Artificial Intelligence-based education platform which helps students to take personalized mock tests to prepare themselves for examinations such as CBSE, AIIMS, NEET, JEE Main, JEE Advanced, BITSAT and more.
• The company claims to have 60-plus educational institutions on its platform and improve performance in competitive exams with the facilities of test taking.
• Post the investment, Embibe's founder and CEO Aditi Avasthi will continue to lead the company's operations.
• Earlier this month, the Mumbai-headquartered company acquired music-streaming service Saavn India making the deal with Embibe, the second major transaction.
• Embibe is backed by venture capital investment companies Kalaari Capital and Lightbox amongst others but the duo is expected to exit post-closure of the deal.
• The proceeds will be used further to deepen the research and development of Artificial Intelligence in education catering to students across K-12, higher education, professional skilling, vernacular languages and all curriculum categories across the world.
• Reliance's investment will be allocated towards taking the Embibe's R&D on AI in education ahead, besides business growth and geographic expansion.