Bharti Airtel said that it has acquired a strategic stake in Aqilliz, a blockchain as a service company.
Singapore-based Aqilliz has developed a patented hybrid blockchain platform, Atom that integrates differential privacy and federated learning on a distributed digital ledger. This allows brands to create secure and consent-based solutions to engage with customers in a rapidly evolving digital economy that's becoming increasingly decentralised.
Airtel aims to deploy Aqilliz's advanced blockchain technologies at scale across its fast growing adtech (Airtel Ads), digital entertainment (Wynk Music & Airtel Xstream) and digital marketplace (Airtel Thanks App) offerings.
Adarsh Nair, CEO - Airtel Digital, said: We, at Airtel, are deeply researching new technologies that drive the future of a digitally connected India. This relentless focus on innovation is also enabling us to unlock new growth engines within Airtel. Blockchain technology is maturing and we see its application across areas such as adtech, creator economy, and loyalty programs. We are thrilled to have Aqilliz join our startup accelerator Program and be part of Airtel's digital innovation factory.
Airtel has acquired 10% of the outstanding common stock for cash consideration.
The teleco expects to complete the transaction by 31 August 2022, subject to the receipt of requisite regulatory and statutory approvals.
Bharti Airtel is a global communications solutions provider with over 480 Mn customers in 18 countries across South Asia and Africa.
The company reported a 2.8% decline in consolidated net profit to Rs 830 crore in Q3 FY22 from Rs 853.6 crore posted in Q3 FY21. Total revenues stood at Rs 29,867 crore, up 12.6% YoY.
The scrip was currently trading 3.30% lower at Rs 681 on the BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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