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

Highlights

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.