Reliance Industries Ltd has agreed to acquire a 72.69% stake in ed-tech startup Embibe, the energy-to-telecom conglomerate said on Friday.

Reliance will invest up to $180 million (Rs 1,175 crore) in Embibe over the next three years, it said in a stock-exchange filing. The amount includes the consideration to be paid for acquiring the majority stake from existing investors, it said, without elaborating.

Embibe, operated by Indiavidual Learning Pvt. Ltd, was set up in 2012 by Aditi Avasthi and counts venture capital firms Lightbox Ventures and Kalaari Capital among its investors.

Embibe will use the capital over the next three years towards deepening its R&D on artificial intelligence in education, as well as business growth and geographic expansion, Reliance said.

Avasthi, who is also the startup’s CEO, will continue in her role and drive the growth of the business, it added.

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