Billionaire Mukesh Ambani's family office may acquire a majority stake in Mumbai-based Individual Learning Pvt. Ltd, which runs ed-tech startup Embibe.com, for an amount of Rs 100 crore, company sources told The Economic Times.
Embibe, which was founded in 2012 by Aditi Avasthi, helps students in test and entrance preparation for engineering, medical and banking entrance exams. According to a report in ET, the acquisition is being made keeping the Reliance Jio Infocomm and its future need in mind.
"The company would need content when data becomes big. And the company has not done enough in the education sector. After the acquisition, we expect data to play a major role here," a company source quoted by ET said.
Embibe in 2014 had raised $4 million from early-stage investment firm Kalaari Capital and Lightbox Ventures. In 2016, it had raised another $1.5 million from Lightbox as part of its Series B funding round.
In 2015, Embibe had acquired 100Markes, an engineering and medical entrance exam training portal, for an undeclared amount.
The new deal with Reliance would mean that Kalaari Capital and Lightbox Ventures can now exit. Company sources said the deal will give healthy returns to the promoters.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today