Mumbai-based Haptic, known to be one of the fastest growing conversational Artificial Intelligence (AI) platforms got acquired by Reliance Jio. On 3rd March 2019, the announcement of the acquisition was made by Reliance Industries Ltd about its subsidiary company. The total acquisition as made for about Rs.700 crore (about $100 million).

This acquisition by a telecom giant company seems to be a strategic investment. Reliance Jio holds its stake for around 87 percent in this company. The rest of the stake will be under the hold of Haptic founders and employees through stock option grants.

Through the strategic acquisition, Jio will be in a formidable position to challenge Amazon Alexa and Google Assistant, the fastest growing companies in the Indian market.
According to Haptic, the investment will be put to use for enhancement and expansion of the AI platform.
India is responding to chatbots slowly. Chatbots are now becoming the default customer support solution for most services.

Today on 4th March 2019, the share price of Reliance Jio is slanting down to approx. Rs. 1359.