Embibe, a Bengaluru-based edtech startup, announced that it has raised about Rs 89.91 crore from Reliance Industries. Reliance is the existing investor and shareholder in the edtech startup. Embibe was founded by Aditi Avasthi in 2012.
Earlier, Reliance Industries had invested about $180 million in the startup over a period of three years. A part of it was towards acquiring a stake of 72.69% from Embibe’s existing investors. The funding was one of the biggest in the Indian education and deep technology space at the time.
Recently, Embibe acquired equity shares of eDreams Edusoft Private Limited (“Funtoot”) for a cash consideration of INR 71,64,35,143/- (Seventy one crore sixty four lakh thirty five thousand one hundred and forty three rupees only) representing 90.5% holding in the equity share capital of Funtoot.
Akash Ambani, Director of Reliance Jio, said, “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.”
Embibe provides educational services for students. It helps students develop their educational standards through personalized feedback.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.