Reliance Jio’s disruptive launch in 2016 ended up rattling India’s internet and telecom sector. However, there can be no denying that Jio’s disruptive launch has today transformed the millennial proverb of ‘roti, kapada, makan and internet’ into a reality. Now it seems Mukesh Ambani’s company is gearing up to make this reality more grandeur by taking the disruption to the very next level.
According to INC42, Reliance Jio is all set to acquire AI chatbot maker Haptik for nearly INR 200 Cr. What makes this acquisition disruptive are few interesting claims that are coming from sources familiar with the matter. Sources claim that Jio is acquiring Haptik to create its own conversational platform; similarly on the lines of Amazon’s Alexa.
This claim doesn’t appear to be outlandish especially if we take into account Jio’s two recent expansion activities. The first is the decision to merge Jio Music with music streaming app Saavn to clock a combined valuation of $1 Bn. Secondly, Reliance also acquired a vernacular language technology development firm, Reverie, in February this year.
These dual developments along with the upcoming acquisition of Haptik only suggests that Ambani’s telecom company is trying to create an Alexa-style ecosystem. Jio’s other recent investments and acquisitions like AI based edutech platform Embibe, online logistic startup Grab and Ai startup Netradyne are also potentially seen as a part of the effort to create this ecosystem.
However, it must be noted that Reliance Jio and Haptik have still not commented on the acquisition report.
Haptik: a company that claims to be world’s largest Conversational AI Platform.
Founded in 2013, Mumbai based Haptik was conceived on the belief that chatbot in future will dominate online customer service space. Although at that time this idea may have appeared well ahead of its time, today the founder’s foresightedness is yielding credible results. This is amply reflected in company’s high-profile client lists and impressive growth clocked since inception.
Its high-profile client lists include Samsung, Oyo, KFC, Future Group, Coca-Cola, HDFC Life among 50 other well-known brands.
As for key balance sheet metrics are concerned then Haptik seems to be standing on a very good standing. Inc42 claims that Haptik reported a total revenue of INR 4.58 Crores – roughly 189% increase from last financial year. Its net losses, on other hand, stood at nearly INR -22.54 Crores