India: Investments in AI Reliance to Invest 180 Million Dollars to Form India’s Largest AI-Based Education Platform
The Mukesh Ambani led company has acquired majority stake in Embibe, a leading AI-based education platform leveraging data analytics to meet its objective.
Mumbai/India – Reliance Industries Ltd (RIL) has recently executed definitive agreements to acquire majority shareholding constituting 72.69 % (on fully diluted basis) from existing investors of Indiavidual Learning (Embibe), a leading AI-based education platform leveraging data analytics to deliver personalized learning outcomes to each student.
Reliance has agreed to invest up to Rupee equivalent of 180 million dollars into Embibe, (including consideration to be paid for acquiring majority stake from existing investors) over the next three years. 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.
The transaction is subject to customary closing conditions.