Niki

othersartificial intelligence/machine learninginsurtech

FOUNDING YEAR: 2015
LOCATION: India
Last Update: 08/09/2020

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About

Niki.ai, a technology focused company that envisions to make artificial intelligence accessible to everyone, i.e. Businesses and Consumers. The company provides a simple and easy to use chat interface to shop for products and services. To the businesses, it provides a plug and play technology that can be easily integrated everywhere including operating systems, on messaging platforms such as messenger, and on the brand’s applications (app and web). The company is backed by Mr. Ratan Tata, Unilzer Ventures and Haresh Chawla.

MEDICI Analysis

Niki is an AI based automated virtual chat agent that can accept customer orders and get it fulfilled through its partnered merchants. The chatbot platform can be used for 20 services includes recharges, pay utility bills, cab/hotel/flight ticket booking, laundry services, food and grocery ordering etc. Niki leverages Natural Language Processing and Machine Learning to converse with customers over a simple chat interface, and place orders on their behalf in seconds with partner businesses. It was a part of SwissRe InsurTech accelerator program in 2016. Niki.ai aims to create a smart marketplace for the e-commerce industry.

Focus

PRODUCTS & SERVICES

AI powered app to help customers in searching, discovering and paying for multiple services through it. Enterprise based chatbot software: The company offers business with chatbot SDK which acts as a plug and play technology that can be easily integrated everywhere including operating systems, on messaging platforms such as messenger, and on the brand’s applications. It uses NLP and ML technologies on the backend to make the conversation on the front end look seamless and appear like a human-to-human interaction. Help its users by giving them smart shopping choices by eliminating the additional time and stain of referring to numerous apps for one service.

REVENUE MODEL

The company currently runs on a channel partnership model and generates revenue for every transaction that occurs through its platform.

MAIN CLIENTS

The company as customers from banks

OEMs

and wallets. It has 40+ clients includes HDFC Bank

Oxigen wallet

Zopo Mobiles

Intex

etc.

EXISTING PARTNERSHIPS

Partnered with businesses such as Ola

Uber

Paytm

BookMyShow

Redbus

OYO

JustRechargeIt and others.

PRIMARY PROBLEM SOLVED

It solves end user problem by making direct interaction with brands and enables various orders and services via a single platform.

INTELLECTUAL PROPERTY

Patent(s) FILED

COMMENT

The company aims to cut excess content from various apps to offer more personalized suggestions and facilitate decision-making through one app.

Traction

NUMBER OF TRANSACTIONS:

50 K

TRANSACTIONS VALUE:

100.00

TRANSACTIONS COMMENT:

It enables over 75 million human-machine interactions on its platform across different categories like travel, entertainment, food, home services, utilities like bills and recharges (June 2017).

ACTIVE USERS:

250000

TRACTION COMMENT:

The company has 35 percent month-on-month (MoM) revenue growth. Niki claims that it has more than 4,00,000 users and 50+ partners to date (June 2017).

People

FOUNDERS

Sachin Jaiswal

Keshav Prawasi

Nitin Babel

Shishir Modi

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Arihant Patni

Haresh Chawla

Ratan Tata

SAP.iO

Unilazer Ventures

KEY EMPLOYEES:

Sachin Jaiswal (CEO)

Momentum

FUNDED

YES

TOTAL FUNDING

$2.45 M

DATE OF LAST FUNDING

Jun 2017

TOTAL FUNDING COMMENT

The company will use recent raised funds to strengthen its machine-learning capabilities, build voice and multilingual functionalities, and expand its distribution network.

SEED & PRIOR FUNDING

$447.25 K

SEED CLOSED ON

Dec 2016

SEED PRIOR FUNDING COMMENT

An undisclosed amount raised in the year 2015 & 2016.

FUNDING SERIES

SERIES A  · $2 M  · May 2017

LISTED

NO

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Niki.ai

About

Niki.ai, a technology focused company that envisions to make artificial intelligence accessible to everyone, i.e. Businesses and Consumers. The company provides a simple and easy to use chat interface to shop for products and services. To the businesses, it provides a plug and play technology that can be easily integrated everywhere including operating systems, on messaging platforms such as messenger, and on the brand’s applications (app and web). The company is backed by Mr. Ratan Tata, Unilzer Ventures and Haresh Chawla.

Focus

PRODUCTS & SERVICES

Niki is a shopkeeper who can converse with the customers and help make a purchase for the brands. It has been built upon the technologies of Artificial Intelligence. The current services supported are cab, bus and hotel bookings; event and movie bookings; bills and recharges; food ordering; home services; with many more in the pipeline.

REVENUE MODEL

The company currently runs on a channel partnership model and generates revenue for every transaction that occurs through its platform.

TOP PROBLEM SOLVED

Act as a layer of interaction between the brand and the consumer.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRODUCT DEVELOPMENT COMMENT

Advanced stage of custom models in NLP and ML

KEY DIFFERENTIATORS

a) 2 years of conversational commerce data over 50m interactions b) Contextual conversations

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Consumer

PRODUCT ATTRIBUTES

Customer facing

STRATEGIC CLIENTS AND PARTNERSHIP

HDFC Bank : Chatbot SDK

Traction

NUMBER OF TRANSACTIONS:

50 K

TRANSACTIONS VALUE:

100.00

ACTIVE USERS/ACCOUNTS:

250000 Million

LIVE USERS/TRANSACTIONS:

Yes, in live production

How will you grow the number of users/accounts/transactions?

Distribution Partnerships. Niki Software Development Kit (SDK) can be integrated by any brand to leverage AI and sell smart. We are already live with HDFC Bank, Oxigen Wallet, Intex Smartphones to name a few.

CHANNEL STATUS

MULTIPLE CHANNELS

NUMBER OF CLIENTS OR PAYING CUSTOMERS

150000

People

NUMBER OF EMPLOYEES

11-50

TEAM COMMENT:

80% team is in technology. A good mix of middle,senior management, with experienced professionals from Google, Amazon, Adobe, IBM Watson, Tsinghua University,University of Sheffield.

INVESTORS:

Unilazer Ventures

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES
Seed
May 2016
USD1 M
at a USD1.00valuation
Comment on Seed
NA Ratan Tata Unilazer Ventures Haresh Chawla
Series A
May 2016
USD1 M