As the COVID-19 pandemic has forced schools, colleges and universities to close and send students home, online education has been witnessing an unprecedented surge in demand. Identifying this as an opportune time, Reliance Industries Limited has poured in an additional ₹500 crore in edtech platform Embibe, which is India’s leading edtech platform powered by AI. It delivers personalised learning and predictable learning outcomes for each aspiring individual.
This is the largest fund infusion by the Mukesh Ambani-led group ever since it acquired this edtech platform in 2018. According to regulatory filings, Embibe has approved allotment of 50 lakh CCPS (Compulsorily Convertible Preference Shares) at Rs 1000 each to raise the amount.
This could be a calculated move by Ambani whose wealth has been falling due to COVID-19 and volatility in crude oil prices. According to a report by Hurun Research, as the coronavirus crisis erodes stock markets and share values, Mukesh Ambani’s wealth has declined by 28%.
It is worth noting that in the last few years, with the boom of technology and easy access to internet services, almost every sector has been drastically reformed, especially the education sector. Interestingly, EdTech has brought a revolutionary change in how far and how deep the education is disseminated across the nation.
