Reliance to infuse Rs 500 crore in edtech firm Embibe, Technology News, ETtech

Reliance to infuse Rs 500 crore in edtech firm Embibe
Reliance Industries will invest an additional Rs 500 crore in Embibe as it doubles down on the education technology venture it had acquired in April 2018, according to filings with the ministry of corporate affairs. About Rs 30 crore has already been invested into the company, according to data obtained from business intelligence platform Tofler.

The additional investment comes as ed-tech companies across the country are seeing a spike in users, as schools remain shut due to Covid-19. Byju’s, which is valued at $8 billion, said it has added 6 million students since it announced free classes last month. Unacademy, an ed-tech startup backed by Facebook, said students spent a record 1 billion minutes on its platform in March.

Embibe, which was acquired by the Mukesh Ambani-led Reliance Industries for Rs 100 crore, offers test preparation for engineering, medical and railways. besides offering coaching for students from class 8. The startup has also been investing aggressively and acquiring other startups like MockBank and OnlineTyari over the last few quarters to bulk up the business.

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