Reliance Jio Acquires Haptik For Rs 700 Cr To Develop AI Offerings

Reliance Industries Wednesday acquired enterprise AI startup Haptik for Rs 700 crore. RIL, though Jio, will now hold 87% stake in the Mumbai-based firm and the rest will be be with its founders and employees. In the first phase Jio will make a payment of Rs 230 crore for next level of expansion and growth.

“This strategic investment underlines our commitment to further boost the digital ecosystem and provide Indian users conversational AI enabled devices with multi-lingual capabilities. We believe voice interactivity will be the primary mode of interaction for Digital India. We are delighted to announce this partnership, and look forward to working with the experienced team of Haptik in realizing this vision for offering greater connectivity and rich communication experiences to the billion+ Indian consumers,” said Reliance Jio Director Akash Ambani.

Haptik develops enterprise conversational solutions based on artificial intelligence and Jio is going to leverage this capability to offer new solutions to its customers including the enterprise ones.

This transaction enables Reliance Jio to leverage Haptik’s capabilities across various devices and touch points in the consumer’s journey. The investment focus is on enhancement and expansion of the platform, with an addressable market opportunity of over 1 billion users in India. This partnership will also give a boost to Haptik’s existing enterprise grade business, with the company continuing to build innovative AI solutions for corporates globally.

Aakrit Vaish, Co-Founder & CEO, Haptik said, “We started with the idea that conversational interfaces will cause a paradigm shift in the way people get things done. Over the course, we have built various products across both consumer and enterprise businesses, with the backbone always being a full stack chat and voice enabled AI technology platform. We truly believe now is the opportunity to serve the next billion users who come online, and who better to partner with than one of the world’s largest digital ecosystems in Jio. We look forward to using this strategic opportunity to exponentially scale up the business across various product lines.”

Aakrit Vaish and Swapan Rajdev founded Haptik in 2013, as a chat based virtual concierge mobile application. It has processed more than 2 billion interactions till date, with a marquee client list that includes Samsung, Coca-Cola, Future Retail, KFC, Tata Group, Oyo Rooms, Mahindra Group, among others. The company focuses on key customer engagement use cases such as customer support, concierge, lead generation and live chat.

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