Reliance To Buy AI Startup to Enhance Its AI Services
Reliance Industries Limited, the Indian conglomerate, is finalising its plans to buy the Mumbai based AI company Haptik for $28.9 million.
Haptik was founded in 2013 and is the ‘world’s largest conversational platform’ that specialises in deploying machine learning algorithms that are used for natural language processing. What makes Haptik so good? It currently has processed over one billion interactions from over 10 million devices. It also runs over 100 bots that help in the automation of critical business processes. On Haptik’s website, it says that the company is trusted by over 50 Fortune 500 companies including Samsung, Coca Cola and Cadbury. Furthermore, in April 2016, Times Internet acquired a majority stake in the company and invested $11.2 million.
This deal done by Reliance is going to help them compete against companies like Amazon and Netflix, who dominate the Indian online entertainment and e-commerce sectors. Inc42 states that Reliance may start to create an ecosystem like Amazon Alexa’s.
The transaction is expected to be done by the end of March, so it looks like Reliance will start to try conquer the Indian digital domain very soon.