Mumbai: Reliance Jio Digital Services Limited (RJDSL) has entered into a definitive business transfer agreement with Mumbai-based artificial intelligence company Haptik Infotech Pvt Ltd (Haptik).
The transaction size, including investment for growth and expansion, is estimated at about Rs 700 crore, with INR 230 crore as the consideration for the initial business transfer.
The Haptik team will continue to drive growth of the business, including the enterprise platform as well as digital consumer assistants. On a fully diluted basis Reliance will hold about 87 per cent of the business with the rest being held by Haptik founders and employees through stock option grants.
This transaction enables Reliance Jio to leverage Haptik’s capabilities across various devices and touch points in the consumer’s journey. The investment focus is on enhancement and expansion of the platform, with an addressable market opportunity of over 1 billion users in India.
This partnership will also give a boost to Haptik’s existing enterprise-grade business, with the company continuing to build innovative AI solutions for corporates globally.
Speaking on this strategic investment, Akash Ambani, Director, Reliance Jio, 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 realizing this vision for offering greater connectivity and rich communication experiences to the billion+ Indian consumers,” he added.
Aakrit Vaish, Co-Founder & CEO, Haptik 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.”