According to sources, Mukesh Ambani’s private company, The Reliance family office is very close to acquiring a major stake in education portal Embibe.com for a sum close to 100 crores.
The promoters and current investors in the Mumbai-based education portal, which prepares students for competitive entrance tests, will be seen selling their stake in the portal to reliance.
According to a source the deal is almost done. As good as done.
As per sources, there is no investment banker involved. He was also quoted as saying “The discussions were on for some time after the Reliance family office directly approached the portal.”
The source also added
“Reliance would need content when data becomes big, especially as Jio keeps increasing its holding in this segment. Education is only one sector where the data play was missing from the company’s standpoint, which would be complete after the acquisition,”
The two funds currently invested In Embibe will be able to exit as a result of the deal with Reliance. Lightbox Ventures and Kalaari Capital had invested about 25 crores in Embibe in 2013. The company was founded in 2012 by Aditi Avasthi.
Both funds will reap healthy returns from the deal. According to reports, Embibe was in the beginning backed by Sandeep Murthy who led the India investments of some Silicon Valley venture capital firms
Embibe helps students to prepare for banking, engineering, medical and entrance examinations.
Recently it has become a very popular website for students preparing for different entrance examinations. The startup is doing brisk business and provides quality content for students and that why the reliance interest in the company.
According to the sources, the deal will be worth almost 100 crores. Reliance is keen on the deal and it is almost finalized according to a source.
ALSO READ – IIT RESERVES 779 SEATS FOR WOMEN
