Reliance Industries Ltd. today said it has entered into agreements to acquire close to 73 percent stake in education technology provider Individual Learning Private Ltd. (Embibe) and will invest $180 million into the company over the next three years.
Speaking on this strategic transaction, Akash Ambani, director, Reliance Jio, said “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
Embibe is an emerging education technology provider incorporated in India in August, 2012.
Reliance Industries Ltd. said Embibe is an early stage company has on-boarded 60 education institutions to its platform.
Embibe will use the capital over the next three years towards deepening its research and development on AI 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.
Reliance said this investment in education technology is in line with its commitment to invest and grow the education sector in India, and digital and technology businesses.
The transaction is expected to be completed in 2 months, subject to completion of customary regulatory compliances and other conditions precedent, and do not require statutory/ regulatory approvals.
Last month Reliance Industries said it has executed definitive agreements for combination of Saavn, a leading global music OTT (over-the-top) platform, with its digital music service -- JioMusic.
Reliance had announced it will also invest up to rupee equivalent of $100 million in Saavn, out of which rupee equivalent of $20 million will be invested upfront, for growth and expansion of the platform into one of the largest streaming services in the world.