Reliance Industries Limited (RIL) has reportedly agreed to invest over $180 Mn into AI-based education platform, Embibe over the next three years. This will put RIL in a position to buy out around 72.69% stake from Embibe’s existing investors including Lightbox and Kalaari Capital.
Post acquisition, Aditi Avasthi, founder and CEO of Embibe will continue to hold a leadership position in the company and might operate it as an independent entity as well.
The news regarding the acquisition of Embibe first surfaced almost a week ago. However, when Inc42 reached out to the Aditi, she termed it as a speculation. She denied commenting on the development on reaching again earlier today.
“We cannot comment anything here until the deal gets closed,” she said.
For now, the deal has been filed with eminent financial and legal advisors: The advisors from RIL being Citibank acting as financial advisor, AZB & Partners, Covington & Burling LLP and KPMG acting as legal advisors and Pricewaterhouse Coopers as the tax advisory and diligence services.
Embibe was advised by Arpwood Capital, Shardul Amarchand Mangaldas & Partners, and Khaitan & Company as legal advisors. It also has Deloitte Touché Tohmatsu Limited for tax advisory services.