Telecom operator Reliance Jio Wednesday said it has acquired artificial intelligence firm Haptik for Rs 700 crore.
Reliance will hold about 87 per cent of the business with the rest being held by Haptik founders and employees through stock option grants, the company said in a statement.
"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 over billion Indian consumers," Akash Ambani, Director, Reliance Jio, said.
The business transfer agreement has been signed by Reliance Jio Digital Services Limited with Haptik Infotech Pvt Ltd (Haptik).
"The transaction size, including investment for growth and expansion, is estimated at about Rs 700 crore, with Rs 230 crore as the consideration for the initial business transfer," the statement said.
Founded in 2013, Haptik is chat based virtual concierge mobile application. It client base includes Samsung, Coca-Cola, Future Retail, KFC, Tata Group, Oyo Rooms and Mahindra Group.
The Haptik team will continue to drive growth of the business, including the enterprise platform as well as digital consumer assistants.
"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," the statement said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)