Reliance-Owned Embibe Acquires Funtoot
Reliance Industries backed online education platform Embibe has now acquired a 90.5% stake in the Dream Edusoft, which owns the Funtoot, which is a learning platform for children, for around $10 million.
The deal creates the exists for the Funtoot early investors venture capital firm Inventus Capital Partners and angel investor group Mumbai Angel Network.
In the year 2013, Funtoot secured $2 million in the funding round of Series A led by the Inventus, along with the Mumbai Angels Network.
Founded in 2010 by the Rajeev Pathak, Funtoot uses the latest technology to develop online learning products in the science and mathematics for the students appearing for the higher matriculation exams via various modules to supplement classroom teaching deficit, created due to the homogeneous nature of modern schooling models.
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Source: Techstory
