Reliance Industries Limited completes Transaction for the Strategic Investment in EMBIBE to form India’s largest Artificial Intelligence (AI) Based Education Platform
Myequity news service | Date : 12-06-2018 19:30:00 IST
Pursuant to the definitive agreements executed by Reliance Industries Limited (“RIL”) to acquire majority shareholding from existing investors of Indiavidual Learning Pvt Ltd (“Embibe”), a leading AI-based education platform leveraging data analytics to deliver personalized learning outcomes to each student, 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% (on fully diluted basis) in Embibe. The founder and CEO of Embibe, Aditi Avasthi will continue in her leadership role and will drive the growth of the business.
RIL is the first private sector company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ – currently ranking 203rd in terms of revenues, and 110th in terms of profits.
With 18 billion metadata points associated with insight mining and five patents in progress, Embibe was recently recognized as the best AI company in education by Amazon India. Over the last 5 years, Embibe has touched the lives of over 15 million students.
Reliance Industries Limited closed 1.70% up at Rs 999.40