Reliance Jio Digital Services Ltd., a subsidiary of Reliance Industries entered into a definitive business transfer agreement with Haptik Infotech Pvt Ltd (Haptik), an artificial intelligence platform. The transaction size, including investment for growth and expansion, is estimated at about Rs 700 Cr, with Rs 230 crore as the consideration for the initial business transfer. The Haptik team will continue to drive growth of the business, including the enterprise platform as well as digital consumer assistants. On a fully diluted basis Reliance will hold about 87 per cent of the business with the rest being held by Haptik founders and employees through stock option grants.
This transaction enables Reliance Jio to leverage Haptik’s capabilities across various devices and touch points in the consumer’s journey. The partnership will also give a boost to Haptik’s existing business, with the company continuing to build innovative AI solutions for corporates globally