Haptik acquires Buzzo.ai
On 24 Sep 2019, Haptik announced that it has acquired Buzzo.ai, a Mumbai based conversational commerce start-up. The terms of the deal have not been disclosed, although the transaction is valued at $3-4m.
This acquisition follows Haptik’s recent acqui-hiring of the founding team of Los Angeles based AI start-up Convrg.
Haptik is one of the world’s largest conversational AI companies, having reached over 100m devices and processed over 2bn conversations till date.
In Apr 2019, Reliance Industries announced that its subsidiary Reliance Jio has acquired 87% stake in Haptik for c.100m. The rest of the stake is held by Haptik founders and employees through stock option grants.
The company is headquartered in Mumbai with an additional office in San Mateo, CA.
Founded in 2016, Buzzo.ai is a conversational commerce start-up. It provides a platform that enables the creation of an expert advisor-like conversational shopping experience in any retail or e-commerce domain.
Buzzo.ai enables an AI assistant that can understand a customer's need through natural conversation, offers relevant recommendations and explains why that may be the best choice. The AI assistant builds in-depth knowledge with available information such as product details and customer reviews.
The company has experience working with big brands like Samsung, Coca-Cola and HDFC.
The acquisition will enable Haptik to further enhance voice and chat commerce solutions, and leverage the platform to power multilingual experiences.
The founders of the company bring immense expertise as have been working in the areas of Natural Language Processing (NLP), text processing, semantic search and information retrieval for more than 10 years.
“Over the last 18 months, we have been primarily focused on customer service AI solutions. But, given our mission to enable the paradigm shift from clicks to conversations, commerce was always the next frontier. The Buzzo.ai team has taken a very unique approach to solving this problem, which is totally different from what we have today. This is what attracted us to them”, said Swapan Rajdev, CTO, Haptik.
According to Forrester, 47% of consumers will abandon online purchases if they can’t find a quick answer and this is precisely the problem Buzzo.ai has been trying to solve. An automated expertise can create a truly personalized shopping experience which in turn leads to increased customer engagement and conversion.