October 18, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Jio Platforms Haptik claims 300% yoy growth, bullish on Whatsapp e-commerce

Jio Platforms’ conversational AI maker is tripling business on year-on-year basis and is bullish about e-commerce facility getting developed on instant messaging app Whatsapp, a top official of the company said.

Jio Technologies co-founder and CEO Aakrit Vaish told PTI that the business of the company is growing overseas with the US being its primary market.

“We have grown every year consistently by about 300 per cent. We just closed the month of August also at triple digits as compared to last year. The major part of what we’re doing is expanding globally to various markets, the US being the primary market,” Vaish said.

Haptik’s customer base include Dream 11, Oyo Room, Lenskart, Ola cab, Pepperfy, Upstox, Havells, Ceat, Eureka Forbes etc.

Jio has committed to invest USD 67 million in over the period of 3-5 years.

Haptik makes artificial intelligence based conversational chatbots which respond to customer queries to help them resolve issues raised by them.

The company expects growth to come from e-commerce facilities getting developed on Whatsapp.

“We think WhatsApp is going to be the new storefront for digital India. Within 12 months of time we believe that every business, small or big, will have some sort of a WhatsApp business account. You will actually see the ability on WhatsApp to buy products. That is the area that we are all super excited about and spending the majority of our time on,” Vaish said.

He said that the company is also leveraging Reliance group relationships in India and overseas to expand business.

“For us, the US, Southeast Asia, Africa and the UK are the primary regions that we are going after. Currently 60 per cent of our revenue comes from India, 40 per cent is non-India. This should become 50-50 by the next quarter. If we have to keep up with our growth rates then 60 to 70 per cent of our customers will come from geographies, other than India primarily led by the US,” Vaish said.

He said 50 per cent of the business for Haptik comes from e-commerce, 20 per cent from financial services and fintech, about 20 per cent from telecom, DTH and 10 per cent from various types of enterprises including Jio.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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