niki.ai

Niki.ai was an artificial intelligence company that provided a conversational commerce platform, ultimately ceasing operations in October 2021. The firm was founded in May 2015 by four IIT Kharagpur graduates: Sachin Jaiswal, Keshav Prawasi, Shishir Modi, and Nitin Babel. The founders aimed to simplify online transactions for users in India, particularly in Tier 2 and Tier 3 cities, by overcoming language and digital literacy barriers.

The company's core product was an AI-powered personal assistant and chatbot named Niki. This assistant utilized natural language processing (NLP) and machine learning to understand user requests in a natural, chat-based interface. The platform was designed to function as a single point of contact for a multitude of online services, eliminating the need for multiple applications. Users could perform tasks such as utility bill payments, booking transportation like cabs and buses, ordering food, and purchasing movie tickets. Initially launched as an Android app in June 2015, the service later expanded to iOS and Facebook Messenger. The technology was also available as a software development kit (SDK) for partners like HDFC Bank and Intex Smartphones to integrate into their own platforms.

Niki.ai's business model was based on a channel partnership, earning a commission from its partners for every transaction processed through the platform. The company successfully attracted notable investors, securing seed funding from Unilazer Ventures in October 2015, followed by an investment from prominent industrialist Ratan Tata in May 2016. It later raised $2 million in a Series A round from investors including SAP.iO. Despite its initial growth and a reported user base of over 1.5 million in 2020, the company faced challenges, including a lack of defensibility against larger competitors entering the space, and eventually shut down due to a lack of funds after exploring acquisition opportunities.

Keywords: Niki.ai, conversational commerce, AI chatbot, digital payments India, personal assistant app, Sachin Jaiswal, online transactions, natural language processing, bill payment app, travel booking bot, Ratan Tata investment, Unilazer Ventures, SAP.iO, e-commerce assistant, India tech startup, voice commerce, fintech India, machine learning, startup shutdown, conversational AI