Dec 27, 2022
2 min read
We are glad to announce that Reliance Industries has made a strategic investment in Reverie Language Technologies which will further boost our mission to achieve language equality on the internet. Reliance Industrial Investments & Holdings (RIIHL), a wholly-owned subsidiary of Reliance Industries has acquired a majority stake in Reverie Language Technologies for Rs 190 crore and will further invest Rs 77 crore by March 2021. Reverie Language Technologies will continue to operate independently and offer its comprehensive language technology solutions to various industry segments.
Founded in 2009, Reverie has developed comprehensive language technology solutions for Indic localization and user engagement on digital platforms. Providing true Indic language experience makes on-boarding & educating first-time internet users faster & easier; thus resulting in strong business impact. Reverie would work in collaboration with Reliance ecosystem for integrating its services in the existing digital consumer platforms of the group.
Reliance Reverie Strategic Partnership:
By introducing Jio network in 2016, Reliance enabled Indian citizens enjoy a high speed internet facility at a lower cost. Earlier, internet was accessible only to a particular class of people due to its high prices. But with Jio, Reliance started providing internet to every Indian household and became the third largest mobile network operator in India and ninth in the world with over 290 million subscribers.
Non-Indian companies would never understand the finer nuances in handling India-specific challenges the way Reliance did. Reverie’s mission to bridge digital language divide in India echoes Reliance’s mission to make internet accessible to every Indian. Reliance understood how important it is to localize Indian internet for the non-English speaking Indians (90% of Indian internet users) who prefer Indian regional language over English. This is why Reverie and Reliance joined hands to eliminate the language barrier on the Internet in India and create language equality.
Mission 3 * 3 – The Steps Ahead
Reverie a purpose-first company, is yet to fulfil its mission, and aims to strive towards achieving language equality on the internet for Indian masses. Reverie aims to achieve 3 goals in the next three years, which is why we named it “Mission 3 * 3”.
- Reverie aims to create the comprehensive Indian language technology solution which makes internet adoption easier & faster for millions of Indians.
- Reverie aims to meaningfully impact at least 500 Mn Indian lives through various deployments across governments and enterprises.
- Indian language standards have not received due attention from Indian companies solving Indian problems. And, sometimes the standard developments have been influenced by foreign companies for whom India is a focus market but Indians are not at the core of it. Reverie intends to work with government regulatory bodies to establish Indian language standards keeping the interest of Indians in mind.
Reverie’s Unique Indic Language Solutions
Reverie’s end-to-end Indic NLP solutions cover the entire online journey of an Indian language user – from business discovery, Indic content creation & consumption, interaction and communication. Reverie’s offerings include Gopal Indic Voice suite, Language-as-a-Service (LaaS™) cloud platform providing Indic typing, content conversion, multilingual search & discovery – enabling truly end-to-end localised experiences for end users, consumer mobile apps for Indic language users, and Prabandhak, India’s feature rich marketplace for Indian language translations.
Year 2019 started on a positive note and we will continue our journey towards achieving the mission ahead. While Reliance’s strategic investment has set the stage for a better tomorrow, we are still in the mid-camp and will continue to strive to reach the summit.