Embibe, a Bengaluru-based ed-tech startup secures an investment of Rs 500 crore from Reliance. According to the Reliance company’s filings with the Ministry of Corporate Affairs, Reliance Industries will invest an additional Rs 500 crore in Embibe as it doubles down on the education technology venture it had acquired in April 2018. About Rs 30 crore has already been invested into the company, according to data obtained from business intelligence platform Tofler.
The additional investment comes as a result of the current spike seen in the number of users due to Covid-19 pandemic. As per a media report, Byju’s, which is valued at $8 billion, said it has added 6 million students since it announced free classes last month. Unacademy, an ed-tech startup backed by Facebook, said students spent a record 1 billion minutes on its platform in March.
Embibe, which was acquired by the Mukesh Ambani-led Reliance Industries for Rs 100 crore, offers test preparation for engineering, medical and railways. besides offering coaching for students from class 8. The startup has also been investing aggressively and acquiring other startups like MockBank and OnlineTyari over the last few quarters to bulk up the business.
Earlier in February, Embibe 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.
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