Wednesday, June 13, 2018

Reliance Industries Completes Acquisition of 73% Stake in AI Firm Embibe

Reliance Industries Limited has said it has completed acquisition of close to 73 per cent stake in artificial intelligence-based education technology provider Embibe. 

"RIL, Embibe and the other stakeholders have completed all the closing conditions and have successfully completed the sale and purchase of the shareholding of the existing investors in Embibe to RIL. With this transaction, RIL will hold 72.69 per cent (on fully diluted basis) in Embibe," RIL said in a BSE filing. 

RIL in April had announced that it has entered into agreements to acquire close to 73 per cent stake in education technology provider Individual Learning Private Ltd (Embibe) and plans to invest USD 180 million into the company over the next three years. 

Embibe will use the capital over the next three years towards deepening its R&D 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. 

"The founder and CEO of Embibe, Aditi Avasthi, will continue in her leadership role and will drive the growth of the business," RIL said.
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