Bangalore-based Ed-Tech startup Embibe has secured INR 89.91 crore investment from its existing investors and stakeholder Reliance Industries. As per the RoC filing, Embibe has allotted a total of 8,99,198 Cumulative Compulsorily Convertible Preference (CCCP) shares at a premium of INR 1000 per share to Reliance at an equivalent rate of 12% compounded quarterly.
In the period of 3 years, Reliance Industries had funded around $180 million in the startup, and a part of this investment was to acquire 72.69 percent of shares from Embibe's existing investors.
Akash Ambani, Director of Reliance Jio, said, the investment in Embibe emphasizes Reliance's commitment towards widening the education sector in India as well as globally. Reliance group is aiming to connect more than 1.9 million schools and 58,000 universities across India by deploying Embibe’s technology to make education accessible extensively to all the groups of students.
Aditi Avasthi founded Embibe in 2012 with the motive of helping students to improve their performance on critical exams such as NEET, JEE Advanced, BITSAT, JEE Main, AIIMS, and TS-EAMCET. It uses technology and analytics to analyze weak areas of students and focusing on increasing attempt planning, speed, accuracy, time management, etc.
For polished preparation and confidence-boosting, Embibe provides practice sessions and mock tests for banking exams. According to the Embibe website, it has almost 10,357 active users who spent 5,209 hours on the app.
Late 2019, the startup under its trademark name Indiavidual Learning Private Limited has announced the purchase of equity shares in K12 startup Funtoot worth Rs 71.64 crore in cash, which accounted for 90.5% total equity share of Funtoot. This proposal account leads Embibe to acquire Funtoot, and the deal is expected to close by the end of 2021. To promote its presence in the government job sector, Embibe had also purchased MockBank, an online exam preparation startup for an undisclosed amount.
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