Reliance Industries Confirms Strategic Transaction with Haptik to Develop Country's Largest AI Assistant Company
Reliance Industries recently announced that its subsidiary Reliance Jio Digital Services has entered into a strategic business transfer agreement with Haptik Infotech, a conversational AI platform. The amount (estimated at about INR 700 crore) will be utilized for the growth and expansion of the company, with the initial business transfer of INR 230 crore. The investment is aimed at building the country’s largest AI assistant company across chat, voice and vernacular languages. While Reliance will hold around 87 percent of the business, Haptik founders and employees will hold the remaining through stock option grants.
Speaking about the investment, Akash Ambani, Director, Reliance Jio, says, “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”.
The transaction will help Reliance Jio to deploy Haptik’s capabilities across various devices and touch points in the consumer’s journey. The investment focuses on enhancement and expansion of the platform, which has an addressable market opportunity of over 1 billion users in India.
With this agreement, Haptik finds immense boost to their current enterprise grade business with building innovative AI solutions for corporates across the globe.
Commenting about the investment, Aakrit Vaish, Co-founder & CEO, Haptik, affirms, “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”.
Established in 2013, Haptik’s clients include Fortune 500 brands such as Samsung, Coca-Cola, Future Retail, KFC, Tata Group, ICICI Bank and more. It focuses on key customer engagement use cases such as customer support, feedback, order status and live chats. Haptik is one of the first companies to open source a conversation based Entitity Detection engine. As of now, Haptik has built over 100 chatbots across BFSI, e-Commerce, utility, telecom and more and the proprietary technology across all key components of conversational AI include NLP, bot builder, analytics, agent dashboard and AI trainer team.
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