Reliance Industries invests Rs 700 crore in AI start-up Haptik Infotech
Posted on 4th April 2019 |
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Reliance Industries (RIL) said on Wednesday its subsidiary Reliance Jio Digital Services had entered into a strategic transaction with Haptik Infotech, a conversational artificial intelligence (AI) platform that will build India’s largest AI assistant company across chat, voice and regional languages.
The company said the transaction size (including investment for growth and expansion) is estimated to be Rs 700 crore, with Rs 230 crore 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 close to 87 per cent of the business, with the rest being held by the Haptik founders and employees through stock option grants,” the firm said.
This transaction enables Jio to leverage Haptik’s capabilities across various devices and touch points. The focus is on enhancement and expansion of the platform, with an addressable market opportunity of over a billion users. This partnership will also give a boost to Haptik’s existing enterprise grade business, with the firm continuing to build innovative AI solutions for corporates globally.
Akash Ambani, director of Jio, said: “This strategic investment underlines our commitment to further boost the digital ecosystem and provide users conversational AI-enabled devices with multi-lingual capabilities.”
Vaish and Swapan Rajdev founded Haptik in 2013, as a chat-based virtual concierge mobile app. Over the past two years, the focus has been on tech enhancement. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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