Reliance Industries (RIL) on Friday announced it has agreed to buy a majority stake of 72.69 Percentage in the artificial intelligence (AI)-based education platform Indiavidual Learning (Embibe) from existing investors over the next three years.
In a statement, the Mukesh Ambani-led RIL said it has agreed to invest that the rupee equivalent of $180 million (approximately Rs. 1,200 crores) into Embibe, which leverages data analytics to deliver personalised learning results to each student.
“Reliance executed definitive agreements to acquire majority shareholding constituting 72.69 percent (on a fully diluted basis) from existing investors of. . .Embibe,…,” the announcement said.
Embibe will use the funds to deepen its research and development (R&D) on AI in the field of education, business development and expanding geographical presence, catering to students throughout K-12, higher education, professional skilling, vernacular languages and all program categories across India and abroad, it said.
The Founder and Chief Executive of Embibe, Aditi Avasthi, will continue in her leadership role to induce the development of the company, the statement added.
Commenting on the development the Manager of RIL’s telecom arm Reliance Jio, Akash Ambani, said in a statement: “The investment in Embibe underlines Reliance’s dedication to developing the education industry in India and the world and making education accessible to the widest possible group of students by deploying technology”
“Reliance intends to connect over 1.9 million colleges and 58,000 universities across India with technologies,” he explained.
“With robust AI stacks centered on content automation and intelligence, behavioural recommendations and pupil intellect, our goods have redefined the way EduTech can impact the lives of students and teachers,” said Avasthi.
The transaction is subject to customary closing conditions, while Citibank acted as the financial advisors, the release said.