Reliance Industries recently purchased a majority stake of 72.69% in Indiavidual Learning Pvt Ltd’s online education platform Embibe. Mukesh Ambani’s company is set to pour $180 million over the next three years in the company, according to stock market filings.
The deal will also see Lightbox and Kalaari Capital leave the online learning platform’s board as Reliance Industries is buying out their stakes. The two venture funds had invested a combined $4 million in the company back in 2013.
The investment in Embibe underlines Reliance’s commitment to growing the education sector in India and the world and making education accessible to the widest possible group of students by deploying technology. Reliance aims to connect over 1.9 million schools and 58,000 universities across India with technology,
said Akash Ambani, Director, Reliance Jio.
Founded in 2012, Embibe is an education platform that has been constructed around data analytics system to ensure the delivery of personalized learning strategies to adopt to each individual student. The company presently boasts over 60 educational institutions on its platform.
Embibe is planning to use the funds obtained to invest further in the research and development of its artificial intelligence for education. A portion of the funds will also serve to grow the business and expand to new geographies and provide its services for students across K-12, higher education, professional skilling, local languages and all the curriculum categories found in India and throughout the globe. Embibe founder and CEO Aditi Avasthi will keep the reign of the company.
Embibe’s team has built a technology platform that can deliver personalized learning outcomes in a way that is truly scalable across all education markets. We are supercharging our platform with the ability to deliver both content and outcomes for every learning goal in every student’s journey, to be the leader in personalizing education for India and the world,
said Aditi Avasthi, Founder and CEO at Embibe.