Indiavidual Learning Private Limited (“Embibe”), a subsidiary of Reliance Industries Limited (“RIL” or the “Company”) has 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.
Embibe proposes to make a further acquisition of equity shares of up to INR 10 crore (Ten crore rupees only), subject to Funtoot achieving agreed milestones. The further acquisition is expected to be completed by December 2021 and the shareholding of Embibe will thereafter increase to 100% of the equity share capital of Funtoot.
Funtoot, an education technology company, incorporated in India on July 09, 2010, is engaged in the business of developing e-learning products and providing practice, testing and analysis modules to the students appearing for K-12 for the subjects of mathematics and science as per methodologies developed by Funtoot. It has operations in India.
Funtoot is an early revenue stage company with turnover of INR 7.34 crore, INR 9.30 crore and INR 4.93 crore, and Net Profit (Loss) of INR 27.74 lakh, INR 246.39 lakh and INR (200.59) lakh in FY 2018-19, FY 2017-18 and FY 2016-17 respectively. The aforesaid acquisition is expected to accelerate Embibe’s digital education technology platform development initiatives.
The Funtoot acquisition comes within days of Reliance acquiring a majority stake in drone maker Asteria Aerospace Pvt. Ltd and in software-as-a-service (SaaS) provider NowFloats Technologies Pvt. Ltd.
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