Times Internet owned start-up firm Haptik plans to go public in next 4-6 years after scaling a revenue to over Rs 300 crore. The company runs a personal assistant mobile application that helps its user book a cab, recharge mobile phone, find out nearby ATMs, bus stop, petrol pump, chemist etc by click of a button using artificial intelligence technology and partially human interface. The company gets commission for each transaction facilitated by its Haptik application.
“Our entire work is done out of India, founders are Indians but we are incorporated in the US from day one for various reasons. In future, we want to go public and build up momentum for the same,” Haptik CEO Aakrit Vaish told Pixr8.
Talking about time-frame for listing, Vaish said the company will start working on it once it crosses revenue of over Rs 300 crore. “Actual expected time period for a technology company to go public is 7-9 years. It will be same for us. We are already 3-year-old now. We are now on an expansion path,” Vaish said.
The company has now launched fifth version of the application which and in-built mobile wallet that would allow users to complete commercial transactions with a single tap without having to leave the chat interface.
In the new version, Haptik has expanded partner base of over 25 categories with companies like Uber, Zomato, BookMyShow, Goibibo, Cleartrip and UrbanClap. Times Internet group acquired majority stake in Haptik in April. The company has 500 employees out of which 100 people are for sales and marketing.
“We are now going to double the strength of our core team which deals in sales and marketing from 100 to 200 next year. 400 people handle chat assistance for the app. With improvement in our artificial intelligence technology, we don’t need to much scaling of support people. We will increase headcount of assistance team by 20 percent,” Vaish said.
He said that using bots (software based artificial intelligence), Haptik app has resolved 85 percent of query and 15 percent was done by human beings. “A year back 90 percent query were resolved by human support and 10 percent by the bots. It has reversed now. With this improvement, we are looking at 5 times growth next year and 15-20 percent growth month-on-month,” Vaish said, adding the company is sufficiently funded to handle operations and expansion till 2018.