Reliance Jio Digital Services Limited has entered into a definitive business transfer agreement with AI firm Haptik Infotech Pvt Ltd (Haptik) for 87% stake in the company.
The total transaction size will be for about ₹700 crore ($102.3 million) of which the initial business transfer is ₹230 crore. The rest of the outlay will be invested in growth and expansion, Reliance said.
The Haptik team will continue to drive growth of the business, including the enterprise platform as well as digital consumer assistants.
With the deal, Reliance Jio is looking to leverage Haptik’s capabilities across various devices and touch points in the consumer’s journey. Reliance said that the investment focus is on the enhancement and expansion of the platform, with an addressable market opportunity of over 1 Bn users in India.
“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 working with the experienced team of Haptik in realizing this vision for offering greater connectivity and rich communication experiences to the billion+ Indian consumers,” Akash Ambani, director, Reliance Jio said.
This partnership will also give a boost to Haptik’ s existing enterprise grade business, with the company continuing to build innovative AI solutions for corporates globally.