With just three months into 2019, Reliance has so far acquired majority stakes in hyperlocal logistics company Grab, software firm C-Square, vernacular language services platform Reverie, welfare schemes platform EasyGov and software services firm SankhyaSutra Labs.
Truly, with every passing second, Reliance Industries is trying to get itself bigger and bigger. The Mukesh Ambani-led conglomerate continues to acquire major stakes in different technology start-ups and now it is time for the artificial intelligence-based conversational platform, Haptik.
Two people anonymously reported that the Reliance Jio Digital Services Pvt. Ltd. will fully acquire Mumbai and San Francisco-based Haptik Inc.
What is ‘Haptik’?
Launched in 2013 by Vaish and Rajdev, Haptik offers an AI-based chatbot that can help consumers interact with virtual agents and organisations via both text and voice. For organizations, Haptik’s solutions help in dealing with customer service, customer feedback, user engagement and lead generation.
Haptik has built chatbots for enterprise customers such as Samsung, KFC, P&G, Tata Group, Amazon Web Series, ICICI Bank, The Times of India, Viacom 18, Dream 11, Edelweiss Tokio, Club Mahindra, and IIFL.
What about the deal?
Times Internet, the current majority stakeholder of Haptik Inc., will completely withdraw its investment. Reports say that the transaction between Reliance Jio and Haptik will be more of a strategic investment rather than an outright acquisition. The deal value is estimated at $100 million (₹639 crore at current exchange rates) but the report has no clue on the size of the stake involved.
Reliance Jio, after the transaction, could potentially embed Haptik’s virtual assistant across its digital platforms including music streaming service, JioSaavn, apart from messaging, video and other services that complement its mobile network. Interestingly, JioSaavn competes with Times Internet’s streaming app Gaana.
Why is the deal important?
The company’s investments in various technology-based start-ups are expected to complement its digital commerce initiatives besides strengthening its logistics operations, catering to both business-to-business and business-to-consumer segments.
Also, earlier this month, there were media reports stating that Reliance was in talks to acquire fashion discovery platform and marketplace Fynd.
