“Reliance to acquire 87% stake in chatbot maker Haptik: Reliance Industries Ltd (RIL) has agreed to acquire an 87% stake in artificial intelligence-based conversational platform Haptik,” reported VCCircle.
Jio acquired the entire business undertaking of Haptik for a total consideration of Rs 700 crores ($101.3m), including investment for growth and expansion; with Rs 230 crores as consideration for the initial business transfer. On a fully diluted basis, Reliance will hold around 87% of the business with the rest being held by Haptik founders and employees through stock option grants.
Khaitan & Co advised
Shardul Amarchand Mangaldas acted for
2019-04-03
Deal value: USD 101.3 m including investment for growth & expansion
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