Bharti Airtel acquires strategic stake in technology startup Lemnisk

The telecom major on Tuesday announced that it has acquired about 8% stake in technology startup, Immensitas (Lemnisk) under its Start Up Accelerator Program.

Lemnisk is a Bengaluru based start up that offers real-time marketing automation and secure customer data platform (CDP) capable of orchestrating 1-to-1 personalization and cross-channel customer journeys at scale that increases conversions, retention, and growth for enterprises.

The telecom company said that both the companies will work together to build world's largest CDP platform. This will be done across Airtel's digital businesses including Ad-tech (Airtel Ads), Digital Entertainment (Wynk Music and Airtel Xstream) and Digital Marketplace (Airtel Thanks App), it added.

In future, Airtel plans to offer this service to its enterprise customers through Airtel IQ, which is world's first network integrated Cloud Platform as a Service (CPaaS). The platform will offer enterprises an opportunity to create a nimble, scalable, and omnichannel engagement for its customers, the company stated.

Adarsh Nair, CEO of Airtel Digital said We see great potential in this alliance and together with Lemnisk we aim to create world's largest CDP platform. Lemnisk's real time marketing automation engine is a natural fit for us, where over 350 million customers interact with brands daily through multiple touch points.

Subra Krishnan, co-founder & CEO, Lemnisk, said, Airtel's ambition aligns with our vision to offer a single frictionless platform to super large enterprises that both organizes and activates high volume and high velocity data.

The Airtel Startup Accelerator Program, a part of Airtel Digital, invests in early-stage start-ups working on technologies that add strategic value to Airtel's business offerings. The program gives startups the opportunity to deploy their technologies and applications at a massive scale, which includes over 350 million retail customers and more than 1 million businesses. In addition to funding, the program offers mentorship from Airtel's leadership team and access to Airtel's global strategic partners.

Bharti Airtel is a global communications solutions provider with over 500 million customers in 17 countries across South Asia and Africa.

The telecom major's consolidated net profit surged 89.17% to Rs 2,145.2 crore on 21.89% jump in revenue from operations to Rs 3,4526.8 crore in Q2 FY23 over Q2 FY22.

Shares of Bharti Airtel fell 0.77% to Rs 821.15 on the BSE.

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