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Reliance Industries is picking up 73% stake in education technology provider Embibe and will invest up to $180 million (Rs. 1,175 crore) million over the next three years.
AZB & Partners acted for Reliance Industries and the team was led by Partners Ashwath Rau, Nilanjana Singh and Anu Tiwari along with Nirmal Mahtani, Utkarsh Bhatnagar and Rachana Rautray.
Shardul Amarchand Mangaldas advised Embibe and its promoter with team led by Partner Raghubir Menon.
Khaitan & Co acted for existing investors – Lighthouse and Kalaari Capital. The Khaitan team was led by Partner Vineet Shingal.
Founded in 2012 by Aditi Avasthi, Embibe is an artificial intelligence platform that facilitates test taking and claims to improve performance in competitive exams.
Kalaari Capital and Lightbox are amongst its backers, who are expected to exit post closure of the deal.
The deal is the second major transaction undertaken by RIL in April. Recently, Reliance bought Saavn music app for $104 million in cash and rest in stock, to merge it with its own digital music service JioMusic, valuing the combined music platform at about $1 billion.
Reliance was advised by AZB & Partners while Saavn was advised by Shardul Amarchand Mangaldas.
Image taken from yourstory.