Metaverse is expected to drive $1 trillion opportunity for commerce by the end of 2025 (Accenture report). A technology that was so far perceived to be somewhat far-fetched has been drawing quite a lot of attention of late. Thanks to the changing dynamics in the consumer and business sectors, Metaverse has quickly evolved to be a strong contender in the advanced tech space.
Catching on to this next wave, several startups have been working in this space to bring out innovative Metaverse-based offerings that address broad range of industries—from gaming to banking to education and retail.
According to Nasscom estimates, over $120B Metaverse related private equity, VC funding and enterprise spending including M&A were announced in the first half of H1-2022 itself. And quite clearly, Metaverse will continue to generate bigger avenues in the coming days.
While there have been a lot of momentum with respect to startups in gaming, digital assets and digital collectibles, the use cases of Metaverse are now truly expanding beyond the tried and tested areas.
Here’s a list of Indian startups that have really pushed the envelope on innovation with their unique offerings and vision.
Touted as the world’s first food Metaverse, this startup is building the largest Web3 community for foodies. The company was cofounded by Supreet Raju and Gaurav Gupta in 2021 and is ‘on a mission to foodify the blockchain and bring the global food industry to web3..’. The platform allows users to claim NFTs from their favorite chefs, brands & restaurants, access culinary and social food experiences, and swap NFTs for real meals.
This metaverse platform aims to redefine employee collaboration experience in today’s hybrid world. It creates real-life collaboration experiences in virtual spaces for companies and communities. Co-founded by Kunal Singh & Kunaal Punj, Rivert.Space promises to bring hybrid and remote teams together in a highly cost-effective and fun way. The platform has functionalities such as call, texting, collaboration and games for efficient communication, better productivity and increased visibility.
Interality is a metaverse engine that lets creators and brands build and launch their own virtual worlds where they can create and monetize XR enabled content. The company grabbed the headlines recently when it released its film – ‘Made in Bengaluru’ – in Metaverse.
It aims to be the go-to stack for brands/creators to build & launch their own mixed reality worlds, assets & experiences that can power social networking, commerce and entertainment in the metaverse. Founded by Farheen Ahmad, the company’s mission is to bring a billion people to the Metaverse.
An immersive design and collaboration platform, Trezi claims to be the first Metaverse for architecture, engineering and construction industry. It aims to transform traditional, passive and static design methodologies in the building industry. Trezi offers features like immersive design presentations, real-time communication, collaborative design reviews, and VR-enabled coordination meetings. The company is founded by Tithi Tewari and her husband Gautam Tewari.
Edverse is touted to be the world’s largest education metaverse, which provides immersive and interactive learning experience through 3D visualizing. The company also has the world’s largest 3D educational assets with over 25,000 assets being made available to learners and educators. This education metaverse company recently launched its Edverse meta classroom, where learners and educators across the globe can collaborate without the limitations of geographical boundaries.
Started in 2017, MirrAR is a virtual try-on platform for the retail sector. This augmented reality software company already has over 250+ clients in 44+ cities worldwide. The platform offers virtual try-ons of jewellery, beauty, eyewear, handbags and watches in real-time, for both online and in-store customers.
