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Reliance Industries has acquired artificial intelligence (AI) based education platform Embibe.
In a filing to the exchanges the company stated, “Reliance executed definitive agreements to acquire majority shareholding constituting 72.69% (on a fully diluted basis) from existing investors of Individual Learning Pvt (Embibe), a leading AI-based education platform leveraging data analytics to deliver personalized learning outcomes to each student.”
Reliance will spend the rupee equivalent of USD 180 million into Embibe, which includes consideration to be paid for acquiring major stake from existing stakeholders over the next 3 years. Further, Embibe will be utilizing the capital proceeds over the next 3 years towards strengthening its R&D on AI in education; business growth and geographic expansion; catering to students across K-12; higher education; professional skilling; vernacular languages and all curriculum categories across India and globally.
