E-commerce giant Flipkart announced on Friday that it has acquired a majority stake in Minivet AI, a provider of Artificial Intelligence and Machine Learning solutions.
This acquisition represents a strategic initiative aimed at developing and investing in core Generative AI (GenAI) capabilities, particularly as the e-commerce sector experiences a rapid evolution towards visual, conversational, and AI-driven product discovery, according to a statement from the Walmart-backed company.
The company, however, chose not to reveal any financial particulars of the transaction, such as the exact percentage of stake acquired or the overall deal value.
"Flipkart, India's homegrown e-commerce marketplace, today announced it executed definitive documents to acquire a majority stake in Minivet AI, an innovative AI/ML solutions provider founded in 2024," the statement read.
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This development is anticipated to expedite the shift towards a more intuitive, interactive, and immersive shopping experience across e-commerce platforms, including Flipkart itself. Minivet AI specialises in generative video technology for e-commerce, enabling the conversion of static product catalogues into dynamic, engaging video content on a large scale.
"Built on a foundation of sophisticated model orchestration and deep performance optimisation, the platform delivers quality results at a fraction of traditional production costs," Flipkart noted.
In addition to its video capabilities, Minivet AI provides a broader range of e-commerce AI tools, establishing it as a comprehensive full-stack AI partner and a core Generative AI resource for online retail platforms, the release further stated.
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