Reliance Jio acquires Haptik for Rs 700 crore
By MYBRANDBOOK
AI has the potential to add $957 billion to India’s economy in 2035 and more than 50 per cent of Indian retail companies will be operating on AI by 2020.
To capture the next billion dollar, Reliance Jio had acquired a Mumbai based organisation purely specialized into Artificial Intelligence (AI) Haptic. With this Jio will establish as the fully made in India brand . it is a straight competition to Amazon Alexa and Google Assistant which are growing faster in the Indian market with their connected devices.
Reliance had invested about Rs.700 crore (about $100 million) to hold about 87% of the business with the rest being held by Haptik founders Aakrit Vaish, Co-Founder & CEO, Swapan Rajdev, Co-Founder & CTO ,who had founded Haptik in 2013 as a chat-based virtual concierge mobile application and the rest with the employees through stock option grants. Of the total investment, Rs 230 crore will go for the initial business transfer.
Haptik (AI) platforms is the B2B chatbot solution for enterprises. The startup builds chatbots that companies can deploy on websites, apps, and other platforms. The transaction size, including investment for growth and expansion, will see Rs 230 crore as the consideration for the initial business transfer for the acquisition, the company said in a statement. This strategic investment underlines our commitment to further boost the digital ecosystem and provide Indian users conversational AI-enabled devices with multi-lingual capabilities,” said Akash Ambani, Director, Reliance Jio.
With this acquisition, Jio with its widespread reach will be in a formidable position to challenge Amazon Alexa and Google Assistant -- both growing fast in the Indian market via smart home speakers and other “connected” Internet of Things (IoT) devices.
“We believe voice interactivity will be the primary mode of interaction for Digital India. We 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,” Akash Ambani added. The Haptik team will continue to drive growth of the business, including the enterprise platform as well as digital consumer assistants.
As per the company insights, the investment focus is on enhancement and expansion of the platform, with an addressable market opportunity of over one billion users in India.“We 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,” said Aakrit Vaish, Co-Founder and CEO, Haptik.
Haptik has processed more than two billion interactions till date, with a client list that includes Samsung, Coca-Cola, Future Retail, KFC, Tata Group, Oyo Rooms and Mahindra Group, among others. Chatbots are slowly becoming the default customer support solution for most services and Haptik is one such platform -- building applications for consumers, publishers and enterprises.
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