Jio acquires the majority stake in AI firm Haptik for Rs 700 cr- On Wednesday, Reliance Industries Ltd stated that its subsidiary Reliance Jio has acquired Haptik-based Mumbai as one of the world’s largest interactive Artificial Intelligence (AI) platforms – about Rs 700 crore. In a statement, the company said in a statement, the size of the transaction, including investment for growth and expansion, will be Rs. 230 crores as the consideration for initial business transfer.
Aksh Ambani, director of Reliance Jio, said, “This strategic investment underscores our commitment to further promote the digital ecosystem and provide an AI-enabled device to Indian users with multilingual capabilities.”
Jio acquires the majority stake in AI firm Haptik for Rs 700 cr
As reported by last week, with this acquisition, Jio will be in a position to challenge Amazon Alexa and Google Assistant with its broad reach – both smart home speakers and other “connected” via the Internet of Things (IoT) The Indian market is growing rapidly tool.
Data released recently by the Telecom Regulatory Authority of India (TRAI) revealed that Jio’s customer base was around 29 million.
“We believe that voice will be the primary way of interactivity interaction for Digital India. Akash Ambani said that we are looking forward to working with the experienced team of Detective to provide more connectivity and rich communication experience to the billions + Indian consumers.
Jio acquires the majority stake in AI firm Haptik for Rs 700 cr, The Haptik team will continue to develop the business, including the enterprise platform as well as the digital consumer subsidiary.
The stock option will retain approximately 87% of the business being kept by Reliance, Haptik Founders and employees through grants.
According to the company, with the market opportunity of more than a billion users in India, the investment focus is on the expansion and expansion of the platform. For the latest updates, you can visit www.indiatimelines.com.
Aakrit Vaish, co-founder and chief executive officer of Haptik, said, “We believe that there is now an opportunity to serve next billion users coming online and that in Jio, one of the world’s largest digital ecosystems Along with better partners. ” With Swapan Rajdev, Vaish founded Haptik in 2013 as a chat-based virtual concierge mobile app.
Haptik has handled more than two billion interactions so far, in which the client list includes Samsung, Coca-Cola, Future Retail, KFC, Tata Group, Oyo Rooms, and Mahindra Group.
In April 2016, Haptik raised the capital from the Times Internet, which would exit the business as a part of this transaction.
Reliance Jio acquires AI-firm Haptik for Rs 700 crore
Jio acquires the majority stake in AI firm Haptik for Rs 700 cr, Haptik is such a platform – build applications for consumers, publishers, and enterprises and Chatbots are becoming the customer support solution for most services
Recently, Software-as-a-service (SaaS) Human Resources technology and solutions company, PeopleStrong, said that more than 50 percent of Indian retail companies will work on AI until 2020.
According to an Accenture analysis, AI has the ability to add $ 957 billion in India’s economy in 2035.