Reliance Jio is set to acquire Haptik for over Rs 200 crore. Haptik is one of the world's largest conversational Artificial Intelligence (AI) platform and according to a report by Inc42.com late Thursday, the transaction is expected to be complete this week.
According to reports citing to company documents, "Reliance Jio Services Ltd and Haptik founders Aakrit Vaish and Swapan Rajdev have signed a Business Transfer Agreement". Haptik so far hasn't given any official response on this report.
With ten times growth in revenue in just one year, Haptik client base includes companies like HDFC Life, Coca-Cola, Edelweiss Tokio, Samsung, Amazon Pay, Goibibo, ICICI Bank, ClubMahindra and Tata Docomo, among others.
Haptik happens to be the first company to open source a conversation-based Entity Detection engine, and is patent pending on our unique bot to agent routing capabilities.
Times Internet in April 2016 led a Series B round of investment in Haptik making it one of the most well funded independent conversational AI companies in the world.
Considering the opportunity, there have been nearly 200 AI start-ups in India today that innovate and create AI-based solutions for various industries.
With Chatbots slowly becoming a default customer support solution for services, the Mumbai-based Haptik is one such AI-based platform.
PeopleStrong, a Software-as-a-Service (SaaS) HR technology and solutions company said that more than 50 per cent of Indian retail companies will be operating on AI by 2020 and according to an Accenture analysis, AI has the potential to add $957 billion to India's economy in 2035.