Reliance Buys Majority Stake In AI Based EduTech Startup Embibe For $180 Million
Embibe will use funds into the research and development with focus on using artificial intelligence in education sector
India’s largest private sector company, Reliance Industries, is moving ahead in digital business space whether it is music or any other field.
In the recent move, it has picked education segment and acquired majority stakes of AI-based education platform Embibe.
As per the reports, Reliance will invest US$180 million into Embibe for 72.69% of its shares (on fully diluted basis).
This deal will help Embibe to deploy the funds into the research and development with focus on using artificial intelligence in education as well as in expanding its reach to uncovered territories.
Few days ago, music streaming vertical saw the same with the acquisition of Saavn.
Reliance is expected to shell out $180 million (Rs 1,175 crores) for close to 73% holding in Embibe. It is reported that the process may be completed over 3 years and the stocks held by the existing investors, Kalaari Capital and Lightbox Ventures.
Embibe was found in 2012 by Aditi Avasthi in Bengaluru, all the products of Embibe use artificial intelligence focused on content intelligence and automation to try and change education and have a positive impact of both students and teachers.
Other startups in the same sphere can be referred here.