Indiavidual Learning, which owns and operates online learning platform Embibe, is in the process to raise $65.92 million from promoter Reliance Industries Limited (RIL). Of that, the startup has now raised $3.96 million (around Rs 30 crore) from the Mukesh Ambani-led oil-to-telecom conglomerate.
On March 31, the company issued 30,000 compulsorily convertible preference shares to RIL at Rs 1,000 rupees per share, regulatory filings filed by the company showed. In the same month, Embibe shareholders approved 500,000 preference share issue at the extra-ordinary general meeting on March 11, separate filings showed.
This is the second fund infusion by RIL in Embibe this year. Last month, it raised $12.6 million in a similar preference share issue from the promoter.
RIL, at the time of acquisition of Embibe in June 2018, had announced a $180 million investment package for the platform over the next three years.
In December last year, Embibe acquired Dreams Edusoft-owned Funtoot, a learning platform for children, for around $10 million to accelerate the former’s digital education technology platform’s development initiatives. In 2015, it bought 100Marks, an online platform for students looking to write competitive entrance examinations for engineering colleges.
Founded by Aditi Avasthi and Nishant Menon, Embibe uses artificial intelligence, data science and machine learning to provide online coaching for various competitive exams. It also provides online learning for students from grades 8 to 10.
The platform competes with players such as Byju’s, Unacademy and Vedantu.
The funding activity in the ed-tech sector has been pretty robust, with the sector posting three deals last week. Gurugram headquartered K 12 Innovations, which owns online technology learning platform Camp K12, has raised $4 million in a seed funding round from San Francisco-based venture capital firm Matrix Partners India and multi-stage investor SAIF Partners.
Konselect Educare, a Delhi-based company that operates an examination preparatory portal for engineering graduates called Kreatryx, has been acquired by Unacademy in a cash and stock deal. The financial terms of the transaction have not been disclosed.
Online classroom platform Lido Learning, owned and operated by Quality Tutorials, has raised $3 million in a fresh funding round from Madhur Deora, president of digital payments firm Paytm, and Picus Capital, a German venture capital fund launched by Rocket Internet co-founder Alexander Samwer.