Bharti Airtel acquires strategic stake in Aqilliz; stock plunges ~4%

24 Feb 2022 , 11:21 AM

Bharti Airtel Ltd., India’s premier communications solutions provider, announced the acquisition of a strategic stake in Aqilliz — a Blockchain technology startup, as a Service Company under the Airtel Startup Accelerator Program, subject to applicable statutory approvals.

Aqilliz has built a patented hybrid blockchain platform, Atom that integrates differential privacy and federated learning on a distributed digital ledger, allowing brands to develop secure and consent-based solutions to expand customer engagement in a rapidly evolving digital economy that’s becoming increasingly decentralized.

Adarsh Nair, CEO — Airtel Digital, said: “We, at Airtel, are continually researching new technologies that led the future of a digitally connected India. This focus on innovation is also enabling us to explore new growth engines within Airtel. Blockchain technology is growing and we see its emerging application across areas such as Adtech, Creator Economy, and Loyalty Programs. We are thrilled to have Aqilliz on board for our Startup Accelerator Program and be an immense part of Airtel’s digital innovation factory.”

Airtel intends to deploy Aqilliz’s advanced blockchain technologies at scale across its fast-growing Adtech (Airtel Ads), Digital Marketplace (Airtel Thanks App), and Digital Entertainment (Wynk Music & Airtel Xstream) offerings.

Airtel Startup Accelerator Program invests in early-stage start-ups working on technologies that are in line with Airtel’s business offerings. The Program gives Startups the opportunity to showcase their technologies and applications at a massive scale, which includes 340M+ retail customers and over 1M+ business. The Program offers mentorship from Airtel’s leadership team and access to Airtel’s global strategic partners, along with attractive funding for these startups.

Bharti Airtel is currently trading at Rs681.40 down by Rs22.85 or 3.24% from its previous closing of Rs704.25 on the BSE. The scrip opened at Rs689 and has touched an intraday high and low of Rs689 and Rs645.60 respectively.