Netcore Solutions Pvt. Ltd, which develops enterprise communication and digital marketing solutions, has acquired for an undisclosed amount Quinto.ai, which provides firms with chatbot services fuelled by artificial intelligence (AI).
As part of the deal, Rebel Foods Pvt. Ltd (formerly Faasos Food Services Pvt. Ltd) has exited Quinto.ai. Rebel Foods is an internet kitchen platform which owns and operates a number of brands including Faasos and Behrouz Biryani.
The deal was facilitated through Propeluss, a smart deal-making platform launched by investment bank Equirus Capital, said a statement. Propeluss connects startups, corporates, and investors through its smart recommendation platform that has been built using proprietary AI algorithms.
Quinto.ai, owned by Quinto Technologies Pvt. Ltd, enables businesses to automate conversations with customers. Businesses across verticals can use Quinto.ai’s 24x7 chatbot for automated product discovery, recommendations, inside sales and live chat.
Quinto.ai’s chatbot can be also integrated with Facebook Messenger, WhatsApp, Slack and other chat platforms.
Netcore chief executive Kalpit Jain said, “We believe that conversational AI will be a strategic asset for marketers and it will reshape how brands and customers interact with each other.”
With the acquisition, Quinto.ai co-founder Hrishikesh Rajpathak joins Netcore as chief data scientist to lead its machine learning and conversation analytics initiatives.
Netcore serves as a strategic partner of enterprise and mid-sized companies across many industries in the US, India, and Africa.
It counts among its clients Standard Chartered, OLX, SeekAsia, Magzter, Vodafone, Facebook, GE Money, Jet Airways and Thomas Cook.
Several AI-based chatbots such as Anaek, Niki.ai, Bottr.me, AskArvi and Active.Ai have raised funding.
Last year in March, Delhi-based chatbot developer Anaek Soft Pvt. Ltd raised seed funding from venture capital firm Matrix Partners India.
In the same month, Trilyo, which provides AI-based SaaS (Software as a Service) solutions for e-commerce clients in the hospitality sector, raised $250,000 (Rs 1.6 crore) in funding.