Reliance Industries Limited, through its subsidiary, Reliance Jio Digital Services has acquired Haptik for INR 700 crores. Reliance Jio has taken 87% stake in Haptik, while Haptik’s founders and employees are holding the rest. In 2016, Times Internet invested in Haptik and became a majority stakeholder. However, this new deal with Reliance Jio will give an exit to Times Internet from Haptik. According to a post on Haptik’s website, from the total investment of INR 700 crores, INR 230 crores will be a consideration for the initial business transfer from Haptik to Reliance Jio. The same post also mentions that the Haptik team will continue to drive the growth of the business, including the enterprise platform as well as digital consumer assistants.
What Is Haptik?
Haptik is an AI-based conversational platform that was founded in 2013. First, Haptik launched AI-based personal assistant, named Haptic Assistant, for smartphone users. The Haptik Assistant lets users chat with the application to get things done such as setting reminders, booking flights, and paying bills. Later on, Haptik started serving as a solution provider for large enterprises. A few of those large enterprises include Samsung, Tata Group, Mahindra Group, KFC, and Future Retail. Currently, Haptik provides four enterprise services — Customer Service, Customer Feedback, User Engagement, and Lead Generation. And two consumer services – Haptic App (a.k.a Haptic Assistant), and Rembo App. According to Haptik, it has so far processed over 2 billion conversations. A report from Inc42 says that Haptik has reported total revenue of INR 4.58 crores and expense of INR 27.85 crores in FY18, and their net losses for FY18 stand at INR 22.54 crores.
Speaking about Reliance Jio’s acquisition of Haptik, Aakrit Vaish, Co-Founder and CEO of Haptik 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. 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 the capital and strategic opportunity to exponentially scale up the business across various product lines.”
Reliance Jio Could Use Haptik To Improve Its Services
Now that Reliance Jio has acquired Haptik, the telecom company could use Haptik’s services for improving its products. It is possible that in the near future, Reliance Jio could integrate Haptic Assistant’s features in Jio application. If that happens, Reliance Jio could not only improve its application and offer a better service to its customers, but this way Reliance Jio could increase Haptik’s user base substantially. And this could just be the start. There are endless possibilities of Haptik’s services in the Reliance Jio’s ecosystem.
Speaking about Reliance Jio’s acquisition of Haptik, Akash Ambani, Director of Reliance Jio said “This strategic investment underlines our commitment to further boost the digital ecosystem and provide Indian users conversational AI enabled devices with multilingual 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 the highly experienced team of Haptik in realizing this vision for greater connectivity and rich communication experiences to the billion-plus Indian consumers.”