The Indian edtech segment, which has seen venture capital firms investing millions in platforms such as Byju’s and Vedantu, also has startups that have barely managed to stay afloat.
One such startup that has failed to attract investor interest is online test prep platform OnlineTyari.
Reliance Industries promoted edtech platform Embibe has acqui-hired OnlineTyari in an undisclosed cash deal, digital news publication Entrackr reported. OnlineTyari’s founding team and its intellectual property have moved to Embibe, the publication reported, citing sources.
The startup had earlier approached Bengaluru-based Byju’s for a possible acqui-hire, but was rejected by the Think and Learn-owned platform, according to the report.
Embibe did not respond to queries from TechCircle.
Founded in 2014 by IIT Kanpur alumni Bhola Meena and Udai Singh Meena, OnlineTyari offers test preparation and assessment for job aspirants for banking, Indian Railways and Staff Selection Commission (SCC) exams.
The platform, owned by Next Door Learning Solutions, had raised over $3 million in a Series A round in 2016. The round was led by Micheal and Susan Dell Foundation along with 3one4 Capital, Mohandas Pai, Aloke Bajpai, Tracxn Labs, Contrarian Drishti among others.
The latest deal also marks RIL’s growth in the edtech market. The conglomerate, which owns Embibe through Indiavidual Learning, recently acquired Dreams Edusoft-owned Funtoot, a learning platform for children, for around $10 million.
On Tuesday, Embibe raised $12.6 million in a preference share issue on rights basis from RIL.
RIL acquired Embibe in June 2018 from its founders Aditi Avasthi and Nishant Menon, with a commitment of $180 million fund infusion in the platform over the next three years. Embibe uses artificial intelligence, data science and machine learning to provide online coaching for various competitive and entrance exams.