Reliance Jio Digital Services is now Jio Haptik Technologies after the acquisition of Haptik

by aditi verma 2019-10-15 04:59:25

RJDSL has bought a major stake in the company Haptik Infotech for a whopping â‚¹700 crore. Reliance Jio Digital Services Ltd (RJDSL) has now been named as Jio Haptik Technologies Ltd.

Reliance Industries Ltd, which has successfully acquired an 87% stake in artificial intelligence (AI) chatbot company Haptik Infotech Pvt Ltd. This happened through its subsidiary Reliance Jio Digital Services Ltd (RJDSL). This acquisition was done in the month of April this year. The company has changed its arm's name to Jio Haptik Technologies Ltd.

RJDSL had bought the stake in Haptik Infotech for â‚¹700 crores in April 2019 and the balance stake is held by the founders and the employees of Haptik through the stock option grants.

This investment had been made so as to help Reliance Jio Infocomm Ltd maximize Haptik’s capabilities with the aim to build India’s largest AI assistant across chat, voice and vernacular languages, as per RIL in a statement.

In the month of September 2019, Haptik had acquired Buzzo.ai which is a Mumbai-based conversational commerce start-up for approx $3-4 million. Buzzo.ai is basically a platform to help create an expert advisor-like conversational shopping experience in the retail or the e-commerce market.

The Acquisition of Buzzo.ai is the second acquisition by Reliance Jio-owned Haptik of the year 2019. In July 2019, Mumbai-based Haptik acqui-hired Convrg, that is a Los Angeles-based startup that develops chatbots, to serve the customers in North America. This acquisition will help Haptik to enhance the voice and chat commerce solutions, and leverage or maximize the platform to power the multilingual experiences.

Buzzo.ai is a company that enables an AI assistant which can easily understand a customer's need through a natural feeling conversation, it also offers related recommendations and easily explains why that product or service will be the best choice, as per the statement. The AI assistant builds in-depth knowledge with the available information, for example, the product details and the customer reviews.

Mr. Anand Ramachandran, the co-founder of Buzzo.ai said in a statement that, “We have primarily been working in the areas of Natural Language Processing (NLP), text processing, semantic search, and information retrieval for more than a decade now.”

Haptik was founded in the year 2013. It is one of the world's largest conversational AI platforms with its focus on key customer engagement using cases like customer support, concierge, lead generation and live chat. Till now, Haptik has successfully processed over 2 billion transactions, with its clients such as Samsung, Coca-Cola, Future Retail, KFC, Tata Group and the Mahindra Group. The company had started as a mobile virtual assistant app and then it also started providing solutions for large enterprises as well.

Mr. Swapan Rajdev, the co-founder and CTO of Haptik has said in a statement that, “Over the last 18 months, we have been focused only on the customer service AI solutions. But given our mission to enable the paradigm shift from clicks to conversations, commerce has always been the next frontier to reach.”

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image source-Analytics India Magazine