Embibe, an Artificial Intelligence-powered edtech platform committed to transforming learning and life outcomes, has received an additional funding of ₹500 crore from its existing investor and shareholder Reliance Industries.
The Bengaluru-based startup has just raised about ₹90 crore from the Mukesh Ambani-led group in February this year.
According to regulatory filings, Embibe has issued a total of 50 lakh compulsorily convertible preference shares (CCPS) at ₹1000 each to raise ₹500 crore from Reliance Industries Limited, at a dividend rate of 12% per annum compounded quarterly.
Founded in 2012 by Aditi Avasthi, Embibe focuses on students across K-12, higher education, professional skilling, vernacular languages and all curriculum categories across India and abroad. It leverages artificial intelligence to deliver holistic learning solutions to students regardless of their level of ability, exposure and access.
Embibe believes every student deserves personalized guidance to reach their true potential. It focuses on not just learning, but also on improving learning outcomes and applying knowledge to achieve real-life goals. The startup has built – and continues to build – world-class products that enable better education delivery and personalized guidance, across each type of stakeholder – the student, the educator/institutions and the parent.
The startup has been in an acquisition spree since its inception. Recently, it acquired Gurugram-based online test preparation platform OnlineTyari, and in December 2019 another competitor K-12 learning platform Funtoot. Earlier, Embibe had acquired test prep startup MockBank to boost its presence in the government jobs segment, and an engineering and medical entrance exam training portal 100Marks in 2015.
In 2018, Reliance Industries had acquired a stake of 72.69% in Embibe and agreed to invest over $180 million into the company over the next three years.
Meanwhile, Reliance’s continuous investments in Embibe come at a time when the education technology sector has been witnessing unprecedented surge in demand as schools and colleges across the country have shut and students and teachers have gone online due to coronavirus crisis.