Reliance Industries Limited has agreed to buy majority stake of 72.69% in the artificial intelligence (AI)-based education platform
Indiavidual Learning Pvt Ltd (“Embibe”) from existing investors.
Embibe leverages data analytics to deliver personalized learning outcomes to each student.
Reliance has agreed to invest up to rupee equivalent of $180 million into Embibe (including consideration to be paid for acquiring majority stake from existing investors) over the next three years, according to a statement.
Embibe will use the capital over the next three years towards deepening its R&D related to AI in the field of education, beefing up business growth and expanding geographical presence, 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 drive the growth of the business.
"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," Akash Ambani, Director, Reliance Jio, said.
The transaction is subject to customary closing conditions.
Citibank acted as financial advisor. AZB & Partners, Covington & Burling LLP and KPMG acted as legal advisors and Pricewaterhouse Coopers provided tax advisory and diligence services to RIL.
Embibe was advised by Arpwood Capital, Shardul Amarchand Mangaldas & Partners and Khaitan & Company as legal advisors. Deloitte Touché Tohmatsu Limited provided tax advisory services.
