Phonon, A Consumer Interaction Solution Firm Took Over iDelivr, An Ai Chatbot Startup
Phonon Communications Pvt. Ltd., based in Vadodara that provides customer interaction solutions in an automated way, took over a chatbot startup iDelivr. The acquisition deal amount wasn’t disclosed.
Co-founders Kumar Gyanendra and Vijayendra Singh of iDelivr as per the deal will start working with the acquirer as chief technology officer and chief operating officer, respectively.
CEO of Phonon Communications, Ujwal Makhija said, “The preference of Consumer is drastically inclining towards latest and advanced support platforms that comprise web chat, Facebook, Twitter, and Whatsapp. The team of iDelivr with expertise on NLP and AI will make us a truly multi-modal text and speech-based automation enterprise.”
iDelivr was founded in 2015; the startup builds the chatbots based on the industries with the utilization of natural language processing and artificial language. The chatbot solution has been deployed by various business segments such as insurance, financial service providers, mutual fund, and banking. With the help of the chatbots, much faster resolution is received in terms of customer queries.
Singh is an alumni of IIM-Calcutta and was in a position of Managing Director at Food Panda India. He has also worked with Evalueserve and McKinsey in his previous assignments. On the other hand, Gyanendra an IIT Kharagpur graduate is a former executive of Computer Sciences Corporation which deals in IT services.
Singh stated that Digital channels will restructure the outlook for communications and AI bots will lead the path of this change, resulting in increased efficiency and cost reduction.
The company claims that Loanbot, which is a flagship product of the company, has facilitated banks and financial institutes to increase the leads that are fetched from the static forms by 30%. This has ultimately boosted the fill rate of the application by more than 50%.
Phonon states that the insurance, banking, financial service are among the top adopter segments of the AI-based chatbot services and its attributed to 60% of the revenue contribution.
Makhija founded Phonon in 2006. The company introduced a solution for customer interaction specifically for the organization that deals in financial services, airlines, insurers, travel, banks and operated through the online platform such as web portals and applications in India and other countries. The company’s solutions used by various end-user sectors have automated more than 1 Million customers on daily basis through email, SMS, and voice.
With respect to this, there has been huge chaos in terms of reducing employment ratio in the customer service sector. The majority of the customer response task is now handled by the bots, this is results in rising chatbots adoption and employees layoff.