RIL to acquire 72.69% of Embibe, invest $180 million in 3 years
Mumbai: Reliance Industries Ltd (RIL) will acquire a majority shareholding of 72.69% in Embibe.com, an artificial intelligence-based education platform, the company said in a press statement on Friday.
RIL will invest up to $180 million in Embibe over the next three years, the company added.
Akash Ambani, director, Reliance Jio, said “The investment in Embibe underlines RIL’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.”
Embibe.com said it will use the capital over the next three years towards deepening its research and development on artificial intelligence in education, as well as business growth and geographic expansion, 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 will drive the growth of the business.
Reliance aims to connect over 1.9 million schools and 58,000 universities across India with technology.
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