Reliance Industries (RIL) on Friday announced it has agreed to buy a Vast Majority stake of 72.69 Percentage from the artificial intelligence (AI)-based education platform Indiavidual Learning (Embibe) from existing investors over the next 3 Decades.
In a statement, the Mukesh Ambani-led RIL said it has agreed to commit that the rupee equivalent of $180 million (approximately Rs. 1,200 crores) to Embibe, which arranges data analytics to provide personalised learning results to every pupil.
. .Embibe,…,” the announcement said.
Embibe will utilize the funds to deepen its own research and development (R&D) on AI in the business of education, industry development and expanding geographical presence, catering to pupils throughout K-12, higher education, professional skilling, vernacular languages and each of program classes across India and overseas, it said.
The Founder and Chief Executive of Embibe, Aditi Avasthi, will continue in her leadership role to induce the development of the company, the announcement added.
Commenting on the evolution the Manager of RIL’s telecom arm Reliance Jio, Akash Ambani, said in a statement: “The investment in Embibe underlines Reliance’s dedication to developing the education industry in India and the entire world and making education available to the broadest possible group of pupils by deploying technology”
“Reliance intends to join over 1.9 million colleges and 58,000 universities around India with technologies,” he explained.
“With strong AI stacks centered on content automation and intelligence, behavioral recommendations and pupil intellect, our goods have redefined how EduTech can affect the lives of teachers and students,” explained Avasthi.
The transaction is subject to customary closing conditions, while Citibank acted as the fiscal advisors, ” the release stated.