Reliance buys out Haptik
Reliance Industries’ infotech arm Reliance Jio Digital Services acquired a majority stake in Haptik Infotech, an artificial intelligence startup, for ₹7 billion (US$ 101 million).
The deal includes a ₹2.30 billion investment for growth and expansion. Reliance will hold 87% of the business with the rest being held by Haptik founders and employees through stock options. Mumbai-based Haptik, founded in 2013 by Aakrit Vaish and Swapan Rajdev, has developed a mobile app that provides chat-based personal assistant service for enterprises.
Khaitan & Co was the adviser to Reliance Jio. The Khaitan team included partners Vivek Sriram, Supratim Chakraborty and Ashraya Rao, principal associates Suhana Islam Murshedd and Shabnam Shaikh and senior associate Aastha Khurana and counsel Shailendra Bhandare.
The team advised on structuring, regulatory issues, and was involved in the legal due diligence and drafting, negotiating and finalizing the transaction documents.
Box8 raises US$10 million
On-demand food delivery company Poncho Hospitality, which operates Box8, completed a ₹711 million (US$10 million) capital raising in a Series C funding from Chinese investors ReDefine Capital Fund and Ganesh Ventures. The investors will pick up a 10% stake in the Mumbai-based startup. The deal will be a mix of a primary share offering by the company and secondary sale by existing investors, which include Mayfield India.