Mukesh Ambani’s Reliance invests Rs 700 crore in Haptik to up AI play

NEW DELHI: 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.