Reliance Acquires Online Education Portal Embibe
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 wit...