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A unit of Reliance Industries Ltd is about to acquire the Haptik conversational platform, based on artificial intelligence, while the conglomerate led by Mukesh Ambani seeks to continue its frenzy of young technology companies.
Reliance Jio Digital Services Pvt. Ltd will buy Haptik Inc, based in Mumbai and San Francisco, told TechCircle two people familiar with the development.
Haptik is a Times Internet company, according to its website. Times Internet is the digital business arm of the Bennett, Coleman and Co Ltd (BCCL) media conglomerate.
Reliance Jio has entered into a formal business transfer agreement with Haptik earlier this month and an official announcement about the deal is likely to be close, said one of the people cited above.
A second person stated that the proposed transaction would be a slower sale, without specifying the value of the transaction. Unexpected sale refers to a transaction in which an entity is sold for a lump sum amount without regard to the individual values of the badets or liabilities.
The information portal Inc42, which for the first time announced the development, citing people that it did not name, set the transaction size at Rs 200 crore (about 29 million dollars at current exchange rates).
Reliance Jio could potentially integrate Haptik's virtual badistant on all of its digital platforms, including the JioSaavn streaming music streaming service, as well as messaging, video and other services that complement its mobile network. JioSaavn is also competing with the Times Internet Gaana streaming application.
The e-mail queries sent to Reliance Jio and Haptik have not been answered before the publication of this report.
Haptik
Haptik was founded by Aakrit Vaish (Managing Director) and Swapan Rajdev (Chief Technology Officer) in 2013.
The startup offers an AI-based chatbot that can help consumers interact with virtual agents and organizations via text and voice. For organizations, Haptik solutions help manage customer service, customer feedback, user engagement, and lead generation.
Haptik has created chatbots for companies such as Samsung, KFC, P & G, Tata Group, Amazon Web Services, ICICI Bank, Times of India, Viacom18, Dream11, Edelweiss Tokio, Mahindra Club and IIFL.
In April 2016, Haptik raised an undisclosed amount from Times Internet as part of its Series B financing cycle, providing an exit to venture capital firm Kalaari Capital. As part of this agreement, Haptik also formed a partnership with Times Internet.
Prior to founding Haptik, Vaish was head of the Indian operations of Flurry Inc., an badyst, monetization and mobile advertising company, acquired by Yahoo in July 2014. He also co-founded and ran a real estate platform for students. acquired by CommonFloor in April 2014.
Before creating Haptik, Rajdev was a software engineer at Radius Intelligence Inc. The former Accenture consultant is also the founder of Zing! Apps that create web-based iOS applications.
Acquisitions of Reliance
Reliance Industries has recently embarked on a shopping frenzy, with the telecom conglomerate acquiring majority stakes in at least five companies this year to focus on digital ambitions.
The investments are expected to complement the company's digital commerce initiatives, as well as strengthen its logistics business, targeting the business-to-business and business-to-consumer segments.
In 2019, Reliance has already acquired a majority stake in the hyperlocal logistics company Grab, the software company C-Square, the vernacular language services platform Rêverie, the platform of social protection systems EasyGov and the company of SankhyaSutra Labs software services.
Earlier this month, the media said Reliance was in talks to acquire the fashion discovery platform and the Fynd market. However, a co-founder of the company supported by Google has issued a denial.
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