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Chatbot Firm Niki.ai Raises ₹11.6 Crore in Convertible Debt Funding from Unilazer, RSP India, Others

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L-R: Nitin Babel, Sachin Jaiswal, Shishir Modi and Keshav Prawasi

Bengaluru-based Niki.ai, an AI-powered chatbot service startup, has been raising a convertible debt funding since February this year. According to RoC filings accessed by YourStory, Niki.ai has secured around Rs 11.6 crore in covertible debt funding from investors that include Unilazer Alternative Ventures LLP, RSP India Fund LLC, Tarun Nayyar, Vistra ITCL as a trustee of AL trust, Asian E-commerce Alliance, Hansjoachim Koehler of HJK Capital, and Ramakant Sharma, Co-founder and COO of Livspace, among others.

The startup had received Rs 7.8 crore in February and Rs 3.8 crore between March and May.

Backed by Tata Chairman Ratan Tata, and SAP.iO among others, Niki.ai boast of a 3mn+ user-base, a massive 430% revenue growth in FY18 along with 75+ partners on board such as HDFC bank, ICICI Bank, Federal Bank and Intex to name a few.

In June 2017, Niki.ai secured $2 million in Series A round of funding from San Francisco based fund SAP.iO and existing investor Ronnie Screwvala’s Unilazer Ventures. The funding also saw participation from other Indian investors including Haresh Chawla (Partner at True North) and Arihant Patni, along with some US and German investors.

In September 2017, Infosys Finacle tied up with Niki.ai to provide chat-based service to its banking customers.

The AI startup currently provides 20+ services to over 2 million consumers ranging from utility services like mobile recharge, bill payments, travel services like cabs, buses, hotels and entertainment services like movies and events. The startup is planning to offer services for flights and healthcare industry.

Founded in May 2015 by Nitin Babel, Shishir Modi, Keshav Prawasi, and Sachin Jaiswal, Niki.ai is touted as India’s first fully automated chat bot app with no human intervention.

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In a report published early this year, AI Chatbots and Cross Channel marketing are voted as the Top 2 most promising marketing technologies for the India marketer in 2019.

Last month, a Pune-based AI chatbot start-up, Quinto.ai, got acquired by Netcore Solutions, a Global Marketing technology company. With the IP and talent acquisition, Netcore gets access to Quinto’s conversational AI-powered chatbot engine and its employees. Quinto’s co-founder Hrishikesh Rajpathak also joins Netcore as Chief Data Scientist and will lead its Machine Learning and Conversation Analytics initiatives.

Last August, Richard Socher, the Chief Scientist at Salesforce, had invested in Visit, an AI driven Chatbot for health advice. Based out of Delhi, Visit also counts Twitter co-founder Biz Stone and Snapdeal founders – Kunal Bahl & Rohit Bansal, as its backers.

[Top Image – (Left to right) Nitin Babel, Sachin Jaiswal, Shishir Modi and Keshav Prawasi via Forbes India]

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