Reliance Jio Acquires Haptik For 700 Crores

Indian Telecom Operator firm Reliance Jio stated on 3rd April 2019 that it has acquired the artificial intelligence company Haptik for Rs 700 crore. The company said in a statement that after the deal, about 87 per cent of Reliance’s company will be in the balance while the remaining stake will be with Haptik Founders and employees. Akshay Ambani, director of Reliance Jio, said that we are happy to announce this partnership and that the attitude of working with the experienced Haptik team is positive.

Reliance Jio Digital Services Ltd. on the business transfer agreement And Heptik Infotech Pvt. Ltd. Signed a deal. According to the official statement, the deal is about Rs 700 crore. This includes investment for growth and expansion.

Quoting the company’s document, the report claimed that the founder of Reliance Jio Seva Limited and Haptik, Ait Vaish and Swapan Rajdev have signed the business transfer agreement. Earlier, Jio had acquired Saavan Music App in the music segment last year. After this, Jio has named this app a Jio Saavan Application. Reliance Industries had bought Saavan in March 2018. The valuation of both apps was estimated at around 7,000 crores at the time. Jio is increasing rapidly in different sectors. The company has acquired a significant position in the telecom sector after its entry in the year 2016.

After this deal, Amazon Alexa and Google Assistant will be in a strong position in challenging the Indian market, which is developing rapidly through devices connected with smart home speakers and other Internet of Things (IOTs).

“This vital investment underscores our responsibility to additionally expand the digital era and provides the Indian people conversational AI enabled plans with multi-lingual abilities,” said Reliance Jio director Akash Ambani. “We recognize voice interactivity will be the initial mode of communication for developing Digital India.” This is a big victory for reliance communication.