Monday, 23 December 2019

Funtoot, an MA portfolio company, is acquired by RIL funded Embibe

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Funtoot, an MA portfolio company, is acquired by RIL funded Embibe
December 23, 2019:
Funtoot, an ed-tech startup and a part of Mumbai Angels Network portfolio is acquired by Reliance Industries Limited funded Edutech firm, Embibe for around $10 mn.
Embibe is an ed-tech startup that combines technology and data sciences, and helps students prepare better for competitive complex exams.
MA Network investors were the first to invest in Funtoot (eDreams) in 2012. The company had a second round of investment in 2013 by Inventus Capital Partners.
Funtoot, based out of Bangalore, founded by Rajeev Pathak in 2010, pioneered the use of machine learning, natural language processing and AI to provide deep personalization of learning for every student in Maths and Science for K-12 sector.
Mumbai Angels Investor Dara K Mehta said, “Darashaw Group has always been interested in backing new ideas and superior management teams. We found that in eDreams (Funtoot) and have been among their earliest supporters and largest investors. The acquisition by Reliance Group will enable Funtoot’s next phase of their journey and we wish them all the best”.
Nandini Mansinghka, Co-promoter and CEO at Mumbai Angels Network, said, “We are very excited that Funtoot, one of our edu-tech start-ups, got acquired by a strategic partner. Mumbai Angels Network has invested in edu-tech sector when it was at its nascent stage. This acquisition by a Reliance Group company is great news both for Funtoot and the Edu-tech sector in India. As the premier network for venture investing in India, our focus is on growth and exits rather than investments.”
About Mumbai Angels Network:

Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 400+ members strong, across 8 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune and Jaipur). It has a 135+ strong portfolio with 30+ exits and has invested 150+ crores.

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