Reliance Industries (RIL) on Friday announced it has agreed to buy a majority stake of 72.69 percent in 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 the rupee equivalent of $180 million (roughly Rs. 1,200 crores) into Embibe, which leverages data analytics to deliver personalised learning results to each pupil.
. .Embibe,…,” the statement said.
Embibe will use the capital to deepen its research and development (R&D) on AI in the field of education, business development and expanding geographical presence, catering to pupils across K-12, higher education, professional skilling, vernacular languages and all curriculum classes across India and abroad, it said.
The Founder and Chief Executive of Embibe, Aditi Avasthi, will continue in her leadership role to induce the development of the business, the statement added.
Commenting on the development the Manager of RIL’s telecom arm Reliance Jio, Akash Ambani, said in a statement: “The investment in Embibe underlines Reliance’s commitment to growing the education industry in India and the entire world and making education accessible to the widest possible group of students by deploying technology.”
“Reliance aims to join over 1.9 million schools and 58,000 universities around India with technologies,” he explained.
“With robust AI stacks focused on content automation and intelligence, behavioral recommendations and pupil intelligence, our products have redefined how EduTech can affect the lives of students and teachers,” said Avasthi.
The transaction is subject to customary closing conditions, while Citibank acted as the fiscal advisors, ” the release stated.