ⓘ Image details: A file-photo of Embibe’s founder Aditi Avasthi; Credits: Entrepreneur.com
The Bengaluru-based edtech startup on Monday (3 February) made the announcement of its latest funding of around 90 Cr from existing investors and shareholder Reliance Industries.
According to the company’s RoC filings, a total of 8,99,198 cumulative compulsorily convertible shares (CCCP) were allotted to the Reliance at a premium of INR 1,000 per share,
In April 2018, Reliance invested INR 100 crore in the startup and acquired a 73 percent stake.
Founded by Aditi Avasthi in 2012, Embibe helps students prepare for competitive exams including JEE Main, JEE Advanced, NEET, AIIMS, TS-EAMCET, BITSAT and more through mock tests and practice sessions. The platform also helps students predict their college, branch and ranking by inputting their academic details. The platform utilises data analytics to assimilate the weaknesses of students and deliver personalised learning outcomes for students.
Back in December, Embibe also acquired another edtech startup MockBank, an online test preparation startup for public sector job exams.
The December 2019, the company under the proprietary name Indiavidual Learning Private Ltd took equity shares in the Bengaluru-based edtech startup Funtoot infusing INR 71.64 crore in cash.