Reliance Industries Wednesday confirmed that its subsidiary Reliance Jio Digital Services Limited (RJDSL) 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 crores, with Rs 230 crore as the consideration for the initial business transfer, it said in a statement.
However, the Haptik team will continue to drive the growth of the business, including the enterprise platform as well as digital consumer assistants.
On a fully diluted basis Reliance will hold about nearly 87% of the business with the rest being held by Haptik founders and employees through stock option grants, according to the Mumbai-based oil-to-retail conglomerate.
This deal would enable Jio to leverage Haptik’s capabilities across various devices and touch points for enhanced consumer experience.
The investment focus, according to the billionaire Mukesh Ambani-controlled company, would be 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 Artificial Intelligence (AI) solutions for enterprise customers worldwide.