Reliance has announced purchasing 72.69 percent of shares on a fully diluted basis of Bengaluru-based Embibe, an artificial intelligence-based education platform. Reliance has agreed to invest up to $180 million over three years into Embibe, which uses data analytics to deliver personalised learning to students. The ed-tech company will use the capital for business growth, geographical expansion, and to deepen its R&D on AI in education. It will also focus on catering to students across K-12, higher education, professional skilling, vernacular languages, and all curriculum categories across India and internationally, Reliance said. "The investment in Embibe underlines Reliance's commitment to growing the education sector in India and the world, and making education accessible to the widest possible group of students by deploying technology," said Reliance Jio director Akash Ambani.
Indian telco Reliance Jio has posted its first quarterly net profit since kicking off its service in September 2016. For the company's third quarter, reported on Friday [PDF], the telco posted net profit of 504 crore rupees, almost $79 million, and earnings before interest, tax, depreciation, and amortisation (EBITDA) 2,628 crore rupees, approximately $412 million, from operating revenue of 6,879 crore rupees, or just over $1 billion. In the previous quarter, the telco made a 271 crore rupees net loss on 6,147 crore rupees of revenue. Jio said its subscriber base sits at 160 million users as of December 31, 2017, and its average revenue per user sits at 154 rupees, or $2.41, while each user consumes 9.6GB on average every month. During the quarter, Jio said it added 28 million subscribers and its churn rate was the lowest in the subcontinent, sitting at 1.4 percent.