Reliance Jio enters into a strategic transaction with Haptik

Reliance Industries Limited (‘RIL’ or ‘Reliance’) today 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 INR 700 Cr, with INR
230 Cr 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.
Speaking on this strategic investment, Akash Ambani, Director, Reliance Jio, 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 are
delighted to announce this partnership, and look forward to working with the experienced
team of Haptik in realizing this vision for offering greater connectivity and rich
communication experiences to the billion+ Indian consumers.”
**Aakrit Vaish, Co-Founder & CEO, Haptik said,**jio “We started with the idea that conversational
interfaces will cause a paradigm shift in the way people get things done. Over the course,
we have built various products across both consumer and enterprise businesses, with the
backbone always being a full stack chat and voice enabled AI technology platform. We truly
believe now is the opportunity to serve the next billion users who come online, and who
better to partner with than one of the world’s largest digital ecosystems in Jio. We look
forward to using this strategic opportunity to exponentially scale up the business across
various product lines.”