For cash consideration of Rs 71.64 cr
Indiavidual Learning (Embibe), a subsidiary of Reliance Industries has acquired equity shares of eDreams Edusoft (Funtoot) for a cash consideration of Rs 71.64 crore representing 90.5% holding in the equity share capital of Funtoot.Embibe proposes to make a further acquisition of equity shares of up to Rs 10 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% of the equity share capital of Funtoot.
Funtoot, an education technology company, incorporated in India on 09 July 2010, 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. It has operations in India.
The aforesaid acquisition is expected to accelerate Embibe's digital education technology platform development initiatives.
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