Reliance Industries (RIL) on Friday announced it’s agreed to purchase a majority stake of 72.69 percent in the artificial intelligence (AI)-based education platform Indiavidual Learning (Embibe) from existing investors over another three years.
In a statement here, the Mukesh Ambani-led RIL said it’s consented to invest the rupee equivalent of $180 million (roughly Rs. 1,200 crores) into Embibe, which leverages data analytics to deliver personalised learning outcomes to each student.
“Reliance executed definitive agreements to get majority shareholding constituting 72.69 percent (on a totally diluted basis) from existing investors of…Embibe,…,” the statement said.
Embibe will utilize the capital to deepen its research and development (R&D) on AI in the field of education, business growth and expand geographical presence, catering to students across K-12, higher education, professional skilling, vernacular languages and all curriculum categories across India and abroad, it said.
The Founder and Chief Executive of Embibe, Aditi Avasthi, will continue in her leadership role to drive the growth of the business, the statement added.
Commenting on the development the Director of RIL’s telecom arm Reliance Jio, Akash Ambani, said in a statement: “The investment in Embibe underlines Reliance’s commitment to growing the education sector in India and the planet and making education accessible to the widest possible band of students by deploying technology.”
“Reliance aims to get in touch over 1.9 million schools and 58,000 universities across India with technology,” he said.
“With robust AI stacks focused on content intelligence and automation, behavioural recommendations and student intelligence, our products 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 because the financial advisors, the release said.
AZB and Partners, Covington and Burling LLP and KPMG acted as legal advisors, while Pricewaterhouse Coopers provided tax advisory and diligence services to RIL, it added.