“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 Reliance Jio Digital Services Limited led by a team of partner Vivek Sriram, partner Supratim Chakraborty, partner Ashraya Rao, principal associate Suhana Islam Murshedd, senior associate Aastha Khurana, associate Aritri Roy Chowdhury, associate Rimjhim Khandelwal, associate Aman Dwivedi, associate Sarayu Satish, and associate Amulya Sharma.

Shardul Amarchand Mangaldas acted for Haptik Infotech and its promoters, led by partner Nikhil Sachdeva and associate Mayank Malhotra.

2019-04-03

Deal value: USD 101.3 m including investment for growth & expansion

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