Mukesh Ambani-led Reliance Industries Limited (RIL) has lately infused INR 90 crore in edtech startup, Embibe.
As part of the deal, Reliance, which is an existing stakeholder in Embibe, has been allotted 8,99,198 preference stakes. The face value of one stake is INR 1 along with a premium cost of INR 999 for this transaction, Inc42 reported citing the filings of the Ministry of Corporate Affairs.
According to the media reports, the edtech company has distributed 25 lakh preference stakes worth INR 250 crore to its existing stakeholders in August last year. In 2018, Reliance had bought a majority share of the edtech company from Kalaari Capital and Lightbox.
The investment in Embibe underlines Reliances commitment to growing the education sector in India and the world, and making education accessible to the widest possible group of students by deploying the technology, Akash Ambani, Director at Reliance Jio, had previously said in an interview with the cited media agency.
Embibe, which was initiated by Aditi Avasthi, uses artificial intelligence-based data analytics to customize learning results. It aims students beyond professional skilling and all syllabus classifications throughout India and abroad.
As the AI concentrates on content automation and intelligence, student intelligence and behavioral suggestions, the edtech startup is a customized platform for students, as well as teachers, to imbibe and communicate with the aid of engaging content.