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Reliance Industries enters into strategic transaction with Haptik

Capital Market 

Reliance Industries announced that its subsidiary Reliance Jio Digital Services has entered into a definitive business transfer agreement with Haptik InfoTech. The transaction size, including investment for growth and expansion, is estimated at about Rs 700 crore, 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% 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 investment focus is on enhancement and expansion of the platform, with an addressable market opportunity of over 1 billion users in India. This partnership will also give a boost to Haptik' s existing enterprise grade business, with the company continuing to build innovative AI solutions for corporates globally.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 04 2019. 09:42 IST