Reliance Industries Ltd on Wednesday announced that its subsidiary Reliance Jio has obtained Mumbai-based Haptik — among the world’s biggest conversational Artificial Intelligence (AI) platforms — for about Rs 700 crore.
The trade size, for example, investment for expansion and growth, will see Rs 230 crore because the thought for the first business transfer for its acquisition, the business 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.
According to IANS a week, with this acquisition, Jio using its widespread reach will probably maintain a powerful position to challenge Amazon Alexa and Google Assistant — equally growing quickly in the Indian marketplace via smart house speakers along with other”linked” Internet of Things (IoT) apparatus.
Recent statistics published by the Telecom Regulatory Authority of India (TRAI) revealed the customer base of Jio was almost 29 crore.
“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 staff will continue to drive the expansion of the company, for example, enterprise platform in addition to digital customer supporters.
Reliance will maintain about 87 percent of their company with the remainder being held by Haptik founders and employees through stock option grants.
According to the business, the investment focus is on improvement and growth of this platform, using an addressable market opportunity of over one billion consumers 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.
Vaish using Swapan Rajdev based Haptik in 2013 as a chat-based digital concierge mobile program.
Haptik has processed over two billion connections until date, with a customer list that includes Samsung, Coca-Cola, Future Retail, KFC, Tata Group, Oyo Rooms, and Mahindra Group, amongst others.
In April 2016, Haptik had increased funds from Times Internet that will exit the company for part of the trade. Chatbots are gradually becoming the default client service solution for the majority of providers and Haptik is just one such stage — building software for customers, publishers, and partnerships. More than 50 percent of Indian retail business will be working on AI by 2020, stated PeopleStrong, a Software-as-a-Service (SaaS) HR technology and solutions firm, recently.
Based on an Accenture evaluation, AI has the capacity to put in $957 billion into India’s market in 2035.