Reliance Industries Limited (RIL) backed edtech startup Embibe, has picked up 90.5% equity shares in the Bengaluru-based e-learning products and service provider Funtoot in a cash deal worth ₹71.64 crores, as reported by ET.
Embibe is planning to increase its shareholding in Funtoot to 100% for an additional cost of ₹10 crores. This acquisition is expected to be completed by December 2021.
The latest acquisition will enable Embibe to leverage Funtoot’s Artificial Intelligence (AI)-based e-learning platform to boost its own edtech platform that utilizes data analytics to deliver a personalized learning experience to the students.
Founded by Rajeev Pathak in 2010, Funtoot combines AI capabilities with pedagogy innovations to provide an optimised learning environment for the students. Its array of services include personalized learning, step by step problem solving, real-time assistance and progress reports and notifications. The startup has raised funds from Inventus Capital Partners and Mumbai Angels.
Embibe was founded by Aditi Avasthi in 2012. It is an edtech startup that uses AI to provide personalized learning and help the students enhance their understanding. The startup was acquired by RIL in 2018 with the intent of boosting its digital businesses. RIL plans to invest $180 million in Embibe over a period of three years.
With the latest acquisition, RIL has made eight acquisitions in 2019 alone. Some of the startups acquired by RIL this year include SaaS platform NowFloats, conversational AI platform Haptik, online fashion platform Fynd, local language technology service provider Reverie Language Technologies and AR/VR startup Tesseract, among others.