Reliance Jio Acquires AI-Based Startup Haptik For Rs. 700 Crore

Reliance Jio Acquires AI-Based Startup Haptik For Rs. 700 Crore

• Reliance Jio Digital Services Limited, the subsidiary of Reliance Industries Limited, has acquired artificial intelligence (AI) firm Haptik for Rs 700 crore on April 3, 2019.
• With this Reliance will become the majority stake holder of Haptik, holding about 87% of the business.
• The rest stake will be held by the company’s founders and employees.
• RIL has already paid Rs 230 crore as the consideration for the initial business transfer from Haptik to Jio.
• The rest amount of Rs 470 crore will be paid over the next 5 years and will be used for business expansion.