Reliance Industries Ltd, which through its subsidiary Reliance Jio Digital Services Ltd (RJDSL) had acquired 87% stake in artificial intelligence (AI) chatbot company Haptik Infotech Pvt Ltd this April, has changed its arm's name to Jio Haptik Technologies Ltd.
RJDSL had bought the stake in Haptik Infotech for ₹700 crore. The balance stake is held by Haptik founders and employees through stock option grants.
The investment was made to help Reliance Jio Infocomm Ltd leverage Haptik’s capabilities to build India’s largest AI assistant across chat, voice and vernacular languages, RIL had said in April.
Haptik had in September acquired Buzzo.ai, a Mumbai-based conversational commerce start-up for around $3-4 million. Buzzo.ai, is a platform to create an expert advisor-like conversational shopping experience in retail or e-commerce.
This was the second acquisition by Reliance Jio-owned Haptik this fiscal. In July, Mumbai-based Haptik acqui-hired Convrg, a Los Angeles-based startup that develops chatbots, to serve customers in North America. The acquisition helps Haptik enhance voice and chat commerce solutions, and leverage the platform to power multilingual experiences.
Buzzo.ai enables an AI assistant that can understand a customer's need through natural conversation, offers relevant recommendations and explains why that may be the best choice, the statement added. The AI assistant builds in-depth knowledge with available information such as product details and customer reviews.
Founded in 2013, Haptik is one of the world's largest conversational AI platforms focusing on key customer engagement using cases such as customer support, concierge, lead generation and live chat. So far, it has processed over 2 billion interactions, with clients including Samsung, Coca-Cola, Future Retail, KFC, Tata Group and Mahindra Group.