Reliance to Invest $180 Million In AI Education Platform Embibe Over Next 3 Years
Reliance Industries Limited (RIL) has entered into agreements to acquire a majority stake in Individual Learning Private Limited (Embibe), an Education technology provider. Reliance will invest about $180 million to acquire 72.69% of Embibe in next three years.
Embibe is a Bangluru based company founded in 2012 by Aditi Avasthi. They provide an Artificial Intelligence (AI) platform which facilitates test taking to prepare for competitive exams. They claim that the platform help students improve their performance in competitive exams.
The fund will be utilized by Embibe in R&D towards AI based education, expansion on large geographic scale and business growth. This will cater to the needs of students across the nation and worldwide which includes K-12, higher education, professional skill development, vernacular languages and more.
In a press statement made by Akash Ambani, director, Reliance Jio, said that the strategic move to invest in Embibe shows Reliance’s commitment to the growing education sector in India and the world across. By deploying technology, Reliance visions making education accessible to the students in the widest possible way. And they are happy to make the announcement about this Reliance partnership with Embibe and hope that it will go a long way to realise their vision for the education sector. They are also hopeful that it will strengthen Jio’s leadership position as a digital technology company.
Aditi Avasthi, founder and CEO at Embibe said that they have built a technology platform to deliver personalised learning truly scalable across all education markets. They have robust AI stacks which are focused on content intelligence and automation, student intelligence and behavioural recommendations. And they are sure that their products will redefine education and impact the lives of students and teachers to a great extent. The AI platform will deliver both the content and outcomes to help each student achieve a learning goal. They are much excited with this Jio partnership and ascertain that it will lead to unrivalled acceleration and growth. They also feel that this move is a step ahead in Reliance’s deep conviction and visionary passion to sow the seeds of a new India with data as the new soil.