MUMBAI: Individual Learning Pvt Ltd (Embibe), a subsidiary of Reliance Industries Ltd (RIL) has acquired equity shares of eDreams Edusoft Pvt Ltd (Funtoot) for a cash consideration of Rs71.64 crore representing 90.5 per cent holding in the equity share capital of Funtoot, according to a statement from RIL.
The statement added that Embibe proposes to make a further acquisition of equity shares of up to Rs10 crore subject to Funtoot achieving agreed milestones. The further acquisition is expected to be completed by December 2021 and the shareholding of Embibe will thereafter increase to 100 per cent of the equity share capital of Funtoot.
Funtoot, an education technology company, was incorporated in India on July 9, 2010, and is engaged in the business of developing e-learning products and providing practice, testing and analysis modules to the students appearing for K-12 for the subjects of mathematics and science as per methodologies developed by Funtoot. The acquisition is expected to accelerate Embibe’s digital education technology platform development initiatives, according to the company statement.