Reliance has just announced that its subsidiary, Reliance Jio Digital Services Limited, has acquired the conversational AI platform, Haptik. The company states that the transaction size is estimated at Rs 700 crores, which includes investment for growth and expansion.
As of now, Rs 230 crores has been paid as consideration for the initial business transfer. At least 87 per cent of the business will now be held by Reliance, whereas, the rest will remain with Haptik founders and employees through stock option grants.
The company states that its Haptik team will continue to drive the growth of the business, including the enterprise platform as well as digital consumer assistants. The focus of this investment will remain on the enhancement and expansion of Haptik’s platform with an addressable market opportunity of over 1 billion users in India.
With the help of this acquisition, Reliance Jio will be able to leverage Haptik’s resources across various devices and touch points with consumers. This means that Reliance Jio might use Haptik’s software to make a connection point between it and its users to provide them with services.
“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 Akash Ambani, Director, Reliance Jio.
“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,” said, Aakrit Vaish, Co-Founder & CEO, Haptik.