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Haptik raises finance from Times Internet

April 8
5:57 AM 2016

Haptik, an Indian-based mobile concierge service provider, has raised $11.2 million from Times Internet through a Series B funding round. The funding round marks the second investment on start-ups for Times Internet. Hapitk raised $1 million in a seed round in 2014 when it was created.

The service is more similar to Magic, a buzzy start-up in the US, and it can be used to avail any service and solve any type of problem. However, Magic utilizes SMS for its services, Haptik uses its personal app for chatting purposes in order to filter and manage requests. Haptik allows users to concentrate more on important matters in their life and outsource their petty works to Haptik service. The service finishes their work in a matter of time.

The service has won nearly one million downloads on Android and iOS. Haptik has also teamed with Samsung, which uses the service to boost it's "My Assistant" service that is pre-mounted on the Galaxy S7 Edge and Galaxy S7 in India. The service satisfies nearly half a million requests every month. The requests are mainly related to food supply, travel, mobile plan expenses, bargain hunting and restaurant reservation, as reported by TechCrunch.

Haptik has promised a volume of interest from clients to strike a deal with online service providers like Dineout, Flipkart, Urbanclap, Via.com and Cleartrip. Currently, the service is carried by a group of workers, but Haptik is looking for non-natural intelligence to carry on it service, similar to 'M' service that Facebook is examining in the US. Al best suits Haptik's need as it works more rapidly than a human brain. Nearly one-quarter of users' requests are satisfied by Al.

According to THE ECONOMIC TIMES, Haptik will use the fund to develop its business portfolio, boost non-natural workforce abilities as well as improve business policies. Kalaari Capital that has invested $1 million into Haptik in 2014 will quit from the company.

Aakrit Vaish, chief executive director of Haptik, said, "We started Haptik so that consumers could get the most out of their phones, without the huge learning curve of navigating hundreds of different apps. The partnership with Times Internet will allow Haptik to enrich its customer base in the Indian market. Gautam Sinha, Times Internet's CEO, said that Haptik is a growing chat-based business, creating an appetite among its users. Times Internet will aid the service firm to improve its service portfolio and at the same time boost its client base, he added.

Similarly, Hungama, a content provider, has raised $25 million from Xiaomi, a Chine-based electronics firm. Housing.com, an online real estate media, has raised an undisclosed sum from Vineet Singh, a previous chief of 99Acres.com, Gadgets 360 said. Gear6.in, a wired bike service provider said to have raised nearly $500,000 through a seed funding round from Ninestarter. While Servify, a tech start-up, has raised an undisclosed sum from Blume Ventures.

The start-up economy seems to be growing despite the sluggish global economy. Chat-based apps are gaining their popularity, particularly in Indian markets.

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