The deal allows RJDSL to leverage Haptik’s capabilities across various devices and touch points in the customer’s journey
Reliance Jio Digital Services Limited (RJDSL), a subsidiary of Reliance Industries Limited (RIL), has entered into a definitive agreement to acquire Haptik Infotech Pvt Ltd (Haptik), a leading conversational artificial intelligence (AI) platform.
RJDSL will invest around Rs. 700 crore in Haptik for growth and expansion, with Rs. 230 crore as the consideration for the initial business transfer.
The team at Haptik will continue to drive business growth, including the enterprise platform and digital consumer assistants. On a fully diluted basis, RJDSL will hold around 87 per cent of the business and the remaining by founders and employees of Haptik, through stock option grants.
This deal allows RJDSL to leverage the chatbot maker’s capabilities across various devices and touch points in the customer’s journey. The focus of the investment is expansion and enhancement of the platform, with market opportunity of more than 1 billion users in India, the company said in statement.
This collaboration will also give a push to Haptik’s prevailing enterprise grade business, with the company continuing to develop innovative AI solutions for corporates across the world.
Rich experience to consumers
Commenting on the development, Akash Ambani, Director, RJDSL, said “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 realising this vision for offering greater connectivity and rich communication experiences to the billion+ Indian consumers,” he added.
Aakrit Vaish, co-founder and 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.”
Vaish further said, “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.”
Haptik was founded in 2013 by Swapan Rajdev and Aakrit Vaish with a belief that conversational UI is the most native experience for 21st century smartphone user, and it can be leveraged for more than just personal communication. The platform has cumulatively processed more than 2 billion conversations till date.