The acquisition will benefit Reliance Jio in leveraging capabilities of Haptik across various devices and touch points in the consumer’s journey.
Reliance Jio Digital, a subsidiary of Reliance Industries, has reportedly acquired artificial intelligence chatbot company Haptik Infotech Pvt. Ltd for INR 700 crore. Reliance Jio will hold 87 percent stake while remaining stake will be held by Haptik’s founders and employees through stock option grants.
According to Inc42, the estimated transaction size is INR 700 crore including investment for growth and expansion, with INR 230 crore as consideration for the initial business transfer.
Akash Ambani, Director, Reliance Jio, reportedly stated that the primary mode of interaction for Digital India will be voice interactivity. Both the companies will work together to offer greater connectivity and rich communication experiences to more than a billion consumers in India, he further added.
The Haptik team will keep driving growth of the business with enterprise and digital consumer assistants.
The acquisition will benefit Reliance Jio in leveraging capabilities of Haptik across various devices and touch points in the consumer’s journey. The focus of the investment is on market opportunity of over 1 billion users in India and expansion and enhancement of the platform.
For the record, Haptik, founded by Aakrit Vaish and Swapan Rajdev in 2013, is AI-enabled voice and chat based virtual platform. It has built chatbots for several clients including Coca-Cola, Samsung, KFC, Future Retail, Mahindra Group, Tata Group, and Oyo Rooms.
For the record, Billionaire Mukesh Ambani-led Reliance Industries has acquired majority stakes in at least five companies this year to drive its digital ambitions.
In 2019, Reliance has acquired majority stakes in several businesses including Singapore-based logistics company Grab, software services firm SankhyaSutra Labs, software company C-Square, cloud-based language services platform Reverie, and welfare schemes platform EasyGov.
Reliance was rumored to acquire fashion discovery platform Fynd in last month. However, the Google-backed company declined rumors about any such move.