Reliance Jio acquired Mumbai-based Al firm Haptik for Rs 700 cr deal

Reliance Jio Digital Services has acquired Mumbai-based artificial intelligence (AI) firm Haptik for Rs 700 cr deal.

"Reliance will hold about 87 percent of the business with the rest being held by Haptik founders and employees through stock option grants", the Reliance industries limited statement said.

Haptik was founded in 2013. Haptik is chat-based virtual concierge mobile application. The client base includes Samsung, Coca-Cola, Future Retail, KFC, Tata Group, Oyo Rooms and Mahindra Group.

"The transaction size including investment for growth and expansion is estimated at about Rs 700 cr with Rs 230 cr as the consideration for the initial business transfer", the statement said.

The Haptik team will continue to drive growth of the business including the enterprise platform as well as digital consumer assistants.

"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 over billion Indian consumers", Reliance Jio Director Akash Ambani 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", he added.