Chennai: Reliance Industries Limited (RIL) announced that its subsidiary Reliance Jio Digital Services Limited (RJDSL) has entered into a definitive business transfer agreement with Haptik Infotech Pvt Ltd (Haptik).
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. 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, said a release.
Director, Reliance Jio, Akash Ambani, said, “This strategic investment underlines our commitment to further boost the digital ecosystem and provide Indian users conversational AI enabled devices with multi-lingual capabilities. We believe voice interactivity will be the primary mode of interaction for digital India. We…look forward to working with the experienced team of Haptik in realising this vision for offering greater connectivity and rich communication experiences to the billion-plus Indian consumers.”