Reliance Industries has executed definitive agreements to acquire majority equity stake in Embibe, a leading AI-based education platform and will further invest up to $180 million over the next three years.
This will include consideration for acquiring majority stake from existing investors constituting 72.69% of Embibe’s equity on a fully diluted basis.
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.
Speaking on this strategic transaction, Akash Ambani, Director, Reliance Jio said, “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. ”
Aditi Avasthi, Founder and CEO, Imbibe said, “Embibe’s team has built an incredible technology platform that can deliver personalised learning outcomes in a way that is truly scalable across all education markets. With robust AI stacks focused on content intelligence and automation, behavioral recommendations and student intelligence, our products have redefined the way edtech can impact the lives of students and teachers.”
The transaction is subject to customary closing conditions.