Reliance Jio, a subsidiary of Reliance Industries, has acquired a conversational Al platform, Haptik for INR 700 crore, Reliance Industries (RIL) confirmed to the Indian daily news, The Economic Times.
The total transaction amounts to be INR 700 crore, out of which INR 230 crore has been transacted whilst the remaining amount (INR 470 crore) will be paid in the form of investment in the next five years. Following the deal, RIL will possess 87 per cent whereas remaining shares will be owned by the company and its employees via stock option grants.
Through this business deal, the entire Haptiks business and shareholdings will be transferred to RIL, said a statement.
Times Internet, a subsidiary of Times Group, who possesses more than 70 per cent stake in Haptik, has exited as per the business deal between Haptik and RIL. Further, Kalaari Capital, another investor in Haptik, has been cashed out in the earlier round of funding, as reported by the Indian daily news, The Economic Times.
The move alludes Reliance Jios interest in building its own conversational AI-enabled product, after acquiring an Indian technology service provider, Reverie for INR 190 crore. Like Apples Siri, Amazons Alexa and Googles Assistant, Reliance Jio also plans to build a conversational AI-enabled product; though, it would be focusing on vernacular languages besides the global language, English.