Confidence to infuse Rs 500cr into ed-tech biz
Trusted industries It will invest an additional crore of Rs 500, as it is doubled in the technology company it had acquired in April 2018, according to documents filed with the ministry of corporate affairs. Around Rs 30 million has already been invested in the company, according to data obtained from the Tofler business intelligence platform.
The additional investment comes when companies across the country are seeing an increase in users, as schools remain closed due to Covid-19. Byju, which is worth $ 8 billion, said he has added 6 million students since he announced free classes last month. Unacademy, a Facebook-backed ed-tech startup, said the students spent a record 1 billion minutes on their platform in March.
Embibe, which was acquired by the Mukesh Ambani-led Trusted industries for Rs 100 crore, offers test preparation for engineering, medical and railways. besides offering coaching for students from class 8. The startup has also been investing aggressively and acquiring other startups like MockBank and OnlineTyari over the last few quarters to bulk up the business.