Mukesh Ambani doubles his bet on edtech – Reliance Industries invests ₹500 crore in startup Embibe
Reliance Industriesinvested an additional ₹500 crore in its educationstartup Embibe.
- These funds come in right after Reliance’s ₹90 crore investment in the startup in February.
- Embibe has also been in an acquisition spree. In February 2020, it acquired the rival platform OnlineTyari, while in December 2019 it had gobbled up another competitor Funtoot.
Today, Reliance Industries invested an additional ₹500 crore in its education startup Embibe, according to reports. This comes right after a ₹90 crore investment in the startup he made, in February. Embibe is an Artificial Intelligence powered learning platform founded in 2012 by entrepreneur Aditi Awasthi and Reliance acquired 73% stake in the startup in April 2018.
Meanwhile, Embibe itself has also been in an acquisition spree. In February 2020, it acquired the rival platform OnlineTyari, while in December 2019 it gobbled up another competitor Funtoot.
Reliance’s continuous investments in Embibe come at a time when the education technology sector is booming. As schools shut down due the coronavirus pandemic, teachers and students have gone online. Edutech platforms witnessed a meteoric rise. Byju’s, the online learning platform, saw 6 million new students in the month of March alone.
This could be a calculated move by Ambani whose wealth has been falling due to Covid-19 and volatility in crude oil prices. His net worth dropped by 28% in just two months to $48 billion, according to a report by Bloomberg.
Mukesh Ambani's Reliance Industries will add ₹25,000 crore to its mammoth pile of debt
Popular on BI
- Reliance Industries' net profit crosses ₹15,000 crore in September quarter
- Reliance Retail's revenue has fallen short of its own record by ₹2,000 crore
- Reliance confirms JioPhone Next will be launched in time for Diwali
- SEBI approves Paytm’s $2.2 billion IPO, company explores November listing
- Indian Broadcasting & Digital Foundation re-elects K Madhavan as its President