Mukesh Ambani-led Reliance Industries Limited (RIL) has agreed to invest up to $180 million for a majority stake of 72.69% in an AI-based education firm called Embibe. According to a recent report from The Hindu, RIL will be investing the amount in Embibe over the next three years and the company will be using the capital towards R&D related to AI in the field of education, growing its business, and expanding its geographical presence. Embibe provides tests and curriculum for a variety of exams and levels
Currently, the transaction is subject to customary closing conditions. It’s worth noting that Reliance Jio recently picked up a $500 million syndicated Samurai loan from Japanese banks and this might be the company’s first investment in order to expand its content library. Currently, Reliance Jio offers a variety of services through dedicated apps for Jio users and the company’s move into the education industry seems like the next step to expand its content portfolio even further.
