Earlier, Reliance Industries had invested rupees equivalent of $180 million in ed-tech startup Embibe over a period of about three years.
Bengaluru-based edtech startup Embibe raised funding of Rs 89.91 crore from existing investor and shareholder Reliance Industries.
At a premium of Rs 1,000 per share, a total of 8,99,198 cumulative mandatory convertible preference (CCCP) shares were allotted to the shareholder, according to the company’s RoC filings.
Prior to this, Reliance Industries had invested rupees equivalent of $180 million in the startup over a period of three years. A chunk of it was towards acquiring a stake of 72.69 percent from Embibe’s existing investors.
The transaction, which was subject to and in relation to customary closing conditions, was one of the biggest in the Indian education and deep technology space at the same time.
Additionally, the education platform leverages data analytics to deliver personalised learning outcomes for youngsters and students.
It utilizes analytics and tech to take over and look after student weaknesses centred on critical exam performance metrics like speed, accuracy, time management, attempt planning, stamina, and also addresses and guides psychological factors like confidence.
In the month of December 2019, Embibe, under the proprietary name Individual Learning Private Limited, declared that it picked up equity shares in Bengaluru-based K12 startupFuntoot (eDreams Edusoft). The deal was signed at Rs 71.64 crore in cash, which holds for 90.5 percent in the equity share capital of Funtoot.
Furthermore, the proposal accounts for Embibe that are making a further acquisition of Funtoot’s equity shares, up to Rs 10, have provided the startup achievements that its agreed-upon milestones.
The follow-up acquisition is expected to be completed by the month of December 2021, and Embibe’s shareholding will thereafter increase to 100 percent of the equity share capital.