Powered by AI, Edtech startup Embibe has raised a funding of close to Rs 90 crores from Reliance Industries. The Bengaluru based company had existing support from Reliance Industries when they had invested one rupee that was equivalent to $180 million over a period of 3 years.
This time around they have been allocated a total of 8,99,198 cumulative compulsorily convertible preference (CCCP) at a premium of Rs. 1000 per share.
The earlier transaction made by Reliance towards the Edtech startup was a huge investment in education and technology at that point in time.
Embibe’s mission statement is ‘One Education. One Team’ and it aims to achieve this by creating a platform that makes use of data analytics and technology to provide personalised learning modules for students for better outcomes.
With the help of AI, they provide personalised recommendations for better attempts, time management, etc.
They work on trying to understand the students’ weaknesses based on certain metrics which also include psychological factors such as confidence.
Last year in December, Embibe had acquired a 90.5% stake in Funtoot, an e-learning products and services provider. This acquisition is expected to accelerate development initiatives for its platform, this was said in a statement made by the company.
Also Read: 6 Technologies That Make Edtech A Profitable Business