MOSCOW (MRC) -- Reliance Industries has recently announced that its subsidiary Reliance Jio Digital Services has entered into a definitive business transfer agreement with Haptik Infotech, said Process-worldwide.
The transaction size, including investment for growth and expansion, is estimated at about 100 million dollars, with 33 million dollars as the consideration for the initial business transfer. The Haptik team will continue to drive growth of the business, including the enterprise platform as well as digital consumer assistants. On a fully diluted basis Reliance will hold about ~87 % of the business with the rest being held by Haptik founders and employees through stock option grants.
This transaction enables Reliance Jio to leverage Haptik’s capabilities across various devices and touch points in the consumer’s journey. The investment focus is on enhancement and expansion of the platform, with an addressable market opportunity of over 1 billion users in India. 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.
Speaking on this strategic investment, Akash Ambani, Director, Reliance Jio, said “This strategic investment underlines our commitment to further boost the digital ecosystem and provide Indian users conversational AI enabled devices with multi-lingual 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 working with the experienced team of Haptik in realising this vision for offering greater connectivity and rich communication experiences to the billion+ Indian consumers.”
As MRC informed earlier, Reliance Industries, operator of the world’s biggest refining complex, has turned to selling fuels to Venezuela from India and Europe to circumvent sanctions that bar US-based companies from dealing with state-run PDVSA.
Reliance Industries is one of the world's largest producers of polymers. Thus, the company produces among others polypropylene, polyethylene and polyvinyl chloride.