Total amount raised
$79.2 Million
Latest funding date
4/1/2019
Location
Haptik has successfully raised funding over three rounds, with the latest being a Corporate Round led by Reliance Jio in April 2019. Reliance acquired about 87% of the company in that deal, and earlier backer Times Internet exited.
What Is Haptik?
Haptik, based in Mumbai, Maharashtra, India, specializes in AI-driven solutions for brands. The company operates in various sectors, including artificial intelligence, customer service, and machine learning. It has been acquired by Reliance Jio and employs between 251 and 500 people.
Jio Haptik Technologies Limited focuses on building AI-driven customer experience solutions. Their AI agents are designed to deliver human-like interactions and are scalable to meet enterprise needs. The company offers a range of AI agents for different use cases, including customer service, sales, booking, and lead qualification.
How Much Funding Has Haptik Raised?
- Series A
- Amount Raised: USD 1,000,000
- Date: September 2014
- Lead Investors: Kalaari Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch and establish the Haptik service.
- Series B
- Amount Raised: USD 11,200,000
- Date: April 2016
- Lead Investors: Times Internet
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To increase visibility and user base in India, leveraging Times Internet's extensive reach.
- Corporate Round
- Amount Raised: INR 470 crore (USD 67,000,000 as stated by TechCrunch)
- Date: April 2019
- Lead Investors: Reliance Jio (Reliance Jio Digital Services Ltd.)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Primary capital investment within Reliance Jio's roughly INR 700 crore deal for an 87% stake, to scale Haptik's operations and its enterprise and consumer conversational AI platform.
Total Amount Raised: USD 79,200,000. Current Valuation: Not publicly disclosed.
Key Investors
- Reliance Jio
- Details: Reliance Jio, the digital arm of Reliance Industries, led Haptik's April 2019 corporate round with an INR 470 crore primary investment.
- Investment Focus Areas: Telecom, digital services and consumer technology in India
- Notable Investments: Saavn (JioSaavn), Embibe, Haptik
- Times Internet
- Details: Times Internet is a digital products company and a subsidiary of The Times Group, India's largest media conglomerate. They have a significant presence in digital media, technology, and internet services.
- Investment Focus Areas: Digital media, technology, internet services
- Notable Investments: Gaana, MX Player, Dineout
- Kalaari Capital
- Details: Kalaari Capital is an early-stage venture capital firm based in India. They focus on technology-oriented companies and have a strong presence in the Indian startup ecosystem.
- Investment Focus Areas: Technology, e-commerce, digital media, mobile applications
- Notable Investments: Dream11, CureFit, Myntra
What's Next for Haptik?
Haptik has been majority-owned by Reliance since April 2019, when Reliance Jio took about 87% of the company and Times Internet exited. The integration of AI to handle customer requests more efficiently positions Haptik well within the burgeoning chat-based commerce market. This opportunity is vast, given the increasing global trend towards AI-driven customer service.
Jio Platforms, the Reliance company that holds Haptik, has since funded it through convertible debentures, its annual accounts show. However, Haptik will need to navigate challenges such as competition from global players like Facebook and ensuring the scalability of its AI solutions. Maintaining user satisfaction as the platform scales will be crucial for sustained growth.
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