Reliance Jio buys 87% stake in Haptik for Rs 700 crore: 5 things to know about this AI-based startup

Reliance Jio Digital Services recently acquired 87% stake in artificial intelligence (AI) firm Haptik for Rs 700 crore. Jio paid Rs 230 crore as the consideration for the initial business transfer, RIL earlier said.  This is the second acquisition by Jio after it had bought music streaming service company Saavn in 2018. The company was later integrated with its digital music service JioMusic. Reliance will hold about 87 percent stake in Haptik and the rest being of the shares will be held by Haptik founders and employees.

Here are the five things to know about Haptik: 
1. Haptik is a conversational artificial intelligence or AI platform. The company focuses on customer support, lead generation, concierge, and live chat.  This acquisition will enable hep Haptik leverage capabilities across devices and touch points, RIL said in a statement.

2. It has clients such as Tata Group, Oyo Rooms, Mahindra Group, Samsung, Coca-Cola, Future Retail, KFC, among others.

3. With this deal, Haptik will get access to Jio's over 300 million existing customer base. The investment will give Haptik the support and resources it needed to scale up operations – enhancing and expanding its platform into one of the world’s largest, with an addressable market opportunity of over 1 billion users in India. This partnership will also give a boost to Haptik’s existing enterprise business, augmenting the ability to build innovative solutions for enterprise partners across the globe.

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4.  The acquisition will provide Haptik growth capital as well as resources to meet the current and future plans. The stake acquisition by Reliance Jio will also align the company to touch 1 billion customers.

5. Aakrit Vaish, Haptik co-founder and CEO, said, “We started with the idea that Conversational interfaces will cause a paradigm shift in the way people get things done. Over the course, we have built various products across both consumer and enterprise businesses, with the backbone always being a full stack chat and voice-enabled AI technology platform."