- Reliance Industries Ltd., which acquired 87 percent stake in artificial intelligence (AI) chatbot company Haptik Infotech Pvt Ltd this April through its subsidiary Reliance Jio Digital Services Ltd (RJDSL), has changed its name to Jio Haptik Technologies Ltd.
- RJDSL purchased the stake in Haptik Infotech for the purpose of buying the stake in Haptik Infotech. Haptik founders and workers hold the equilibrium stake by stock option grants.
Reliance Jio Digital Services Ltd (RJDSL) is now Jio Haptik Technologies Ltd. Reliance Industries Ltd., which acquired 87 percent stake in artificial intelligence (AI) chatbot company Haptik Infotech Pvt Ltd this April through its subsidiary Reliance Jio Digital Services Ltd (RJDSL), has changed its name to Jio Haptik Technologies Ltd. RJDSL purchased the stake in Haptik Infotech for the purpose of buying the stake in Haptik Infotech. Haptik founders and workers hold the equilibrium stake by stock option grants.
The investment was made to help Reliance Jio Infocomm Ltd leverage the capabilities of Haptik to create India’s largest speak, voice, and vernacular assistant, RIL said in April.
In September, Haptik had acquired Buzzo.ai, a conversational market start-up based in Mumbai for about $3-4 million. Buzzo.ai is a forum for developing a professional e-commerce conversational shopping experience.
Swapan Rajdev, co-founder and CTO of Haptik, said, in the statement, “Over the last 18 months, we have been primarily focused on customer service AI solutions. But given our mission to enable the paradigm shift from clicks to conversations, commerce was always the next frontier.”
This was second acquisition by Reliance Jio of this fiscal. Haptik, headquartered in Mumbai, acqui-hired Convrg in July, a company based in Los Angeles that builds chatbots to support North American customers in July. The acquisition allows Haptik to improve voice and chat business solutions and exploit multilingual interactions through the web.
Buzzo.ai helps an AI assistant to understand the needs of a consumer through natural conversation, makes specific advice and discusses why this might be the best choice, the statement added. Through available information such as product details and customer reviews, the AI assistant builds in-depth knowledge.
“We have been working in the areas of Natural Language Processing (NLP), text processing, semantic search and information retrieval for more than 10 years,” added Buzzo.ai co-founder Anand Ramachandran, in the statement.
Haptik was created in 2013 and is one of the largest conversational AI systems in the world with a focus on key customer engagement using cases such as customer support, concierge, lead generation and live chat. Over 2 billion transactions have been handled so far, with customers including Samsung, Coca-Cola, Future Retail, KFC, Tata Group and Mahindra Group.
Blog on the website of Haptik states that its platform has cumulatively processed over 2 billion conversations to date and it started as a mobile virtual assistant app and then as a solutions provider for large enterprises.
