Reliance Industries Pours INR 90 Crores Into Online Learning Platform 'Embibe'
Embibe Acquires Funtoot: A Strategic Move for Personalized Learning
Embibe, a Bengaluru-based edtech startup, has made a significant move in the education technology sector by acquiring Funtoot, an e-learning products and services provider. The acquisition, which took place last December, is expected to accelerate the development initiatives for Embibe's platform.
The acquisition of Funtoot is a strategic move to enhance Embibe's platform, contributing to advancements in its mission to provide personalized learning solutions. Embibe's mission, 'One Education. One Team', aims to create a platform that uses data analytics and technology to provide personalized learning modules for students.
Funtoot, known for its e-learning products and services, will complement Embibe's existing offerings. Embibe's approach to learning considers students' weaknesses, including psychological factors like confidence. The acquisition will help Embibe in its efforts to provide a more holistic learning experience.
The investment from Reliance Industries, a significant player in the edtech sector, played a crucial role in the acquisition. In February 2020, Reliance Industries invested approximately ₹89.91 crore in Embibe as part of a broader funding round. Over three years, Reliance invested about $180 million in Embibe, acquiring 72.69% ownership from existing investors.
The investment from Reliance Industries was made in the form of 8,99,198 cumulative compulsorily convertible preference (CCCP) shares at a premium of Rs. 1000 per share. This investment will help Embibe in its mission to improve student outcomes by offering personalized learning solutions.
The investment from Reliance Industries is not only a boost for Embibe but also a significant investment in education and technology. It marks the latest in a series of funding rounds for Embibe, indicating a growing interest in the edtech sector.
Embibe's platform utilizes AI for personalized recommendations in areas such as attempts and time management. With the acquisition of Funtoot, Embibe aims to take a step closer to achieving its mission of providing a platform that caters to each student's unique needs.
The acquisition of Funtoot is not an advertisement, but a strategic move to enhance Embibe's platform and provide a more comprehensive learning experience for students. Embibe, with its commitment to personalized learning and the support of investors like Reliance Industries, is poised to make a significant impact in the education sector.
