Online education portal Embibe has secured about Rs 90 crore as part of share capital from its existing shareholder, Reliance Industries Limited.
According to RoC filings with the Ministry of Corporate Affairs, the Bengaluru-based company has allotted 8,99,198 Cumulative Compulsorily Convertible Preference Shares (CCPS) of Rs 1,000 to Reliance aggregating to Rs 89.91 crore at a convertible rate of 12% compounded quarterly.
The filings further revealed that in August last year, Embibe had allotted 25 lakh CCPS of Rs 1,000 amounting to Rs 250 crore to its existing shareholders. Thus, this latest investment is the first tranche received by the company out of the total amount.
The fresh capital infusion for the company has come after 20 months. Previously, Reliance had invested Rs 100 crore in the firm by acquiring a 73% stake in April 2018.
Started in 2012 by Aditi Avasthi, Embibe helps students prepare for competitive exams including JEE Main, JEE Advanced, NEET, AIIMS, TS-EAMCET, and BITSAT among others.
It also provides mock tests and practice sessions to its students for exams such as Gujarat-CET, Bank Clerk and PO Prelims. Through the company’s analytics, users can also get to predict their college, branch, and ranking by entering academic details.
According to information available on Embibe’s official website, the company presently has around 10,357 active users who have spent 5,209 hours of total time on the app.
Recently, Embibe had acquired an online test preparation startup MockBank for an undisclosed amount to boost its presence in the government jobs segment. In 2015, the company took over 100Marks, an engineering and medical entrance exam training portal.