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Jio Haptik expects 10-fold revenue growth to $100 mn by 2026

AI conversational platform Jio Haptik expects a minimum 10-fold growth in its revenue to USD 100 million (about Rs 800 crore) by 2026, a top official of the company said.

Haptik co-founder and CEO Aakrit Vaish told PTI that e-commerce, new-age companies and adoption of the technology by small and medium businesses are the main growth drivers for the company.

“We will turn 9 years old this Tuesday. In the first year we did USD 400,000 revenue, the second year USD 1 million, and now this year, we are on track to do USD 10 million. We have already crossed the USD 10 million mark of ARR (annual run rate). We expect to reach USD 100 million ARR by 2025,” Vaish said.

He said that the company will at least have a USD 100 million revenue by 2026.Vaish said that the company is focussing on growing business in a sustainable manner and it will turn profitable if it stops investing in research and development projects.

Jio Haptik is seeing an uptake in business in the e-commerce segment, new age companies like Fintech and other start-ups.

“Offline retailers trying to become ecommerce or new-age e-commerce companies are the biggest verticals for us. Then, digital native or new age companies –unicorns, tech, fintech, gaming, all those sectors are growth drivers. We probably have a 50 per cent market share of unicorns in India. We work with a lot of them,” Vaish said.

Jio acquired a majority stake in the company in April 2019.The company provides an artificial intelligence-based conversational platform for businesses on WhatsApp, website, mobile app, Instagram, Google Business Messages, SMS etc.

Small and medium businesses at present contribute 20 per cent of the overall business.

The company has offices in the US, the UK, South Africa, the UAE and Malaysia and is planning to add more people to the overseas offices.

Vaish said that the SMB segment is one of the fastest growing segments for the company for which the company run under the brand name of Interakt.

He said that the Interakt’s standalone revenue at the current growth rate is expected to grow at least by fivefold to USD 10 million by 2024 from around USD 2 million at present.

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