Hiranandani Group will invest Rs 3,500 crore over the next 2-3 years in technology-led consumer services with its new venture, Tez Platforms. It will focus on the areas such as social media, entertainment, gaming, and e-sports.
Hiranandani group is one of the largest real estate developers in India with projects across Mumbai, Bangalore, and Chennai. The group has diversified into health, education, energy and hospitality.
The company is currently putting the team together and will work with the industry to develop suitable solutions.
“These solutions could be in the metaverse or mobile phone. It could be in any extreme you want to take care, whether it’s with VR goggles, whether it’s on a PlayStation, Xbox, or Netflix games, or any different platform,” said Darshan Hiranandani, CEO-Hiranandani Group.
He further added that the demand for the real-world stuff into digital contact is very high, added a Moneycontrol report.
“We are calling it the Metaverse because Mark Zuckerberg has decided to call it the metaverse and so we are using that as an example. I honestly don’t know whether there will be one Metaverse or there’ll be hundreds. I suspect there will be competing metaverses,” added Hiranandani.
He further explained that the shift in the way entertainment is consumed is real. “If it is real, the point is that I don’t know if it’s for the metaverse or not, but certainly if such a thing will happen and become large enough, gaming and entertainment will be the first,” he added.
For the company to do that, it is in talks with the international players to work on creating those sorts of infrastructures in India that will help create digital content.
The report further added that the company will launch services in 2022, followed by another three in the next year. “Tez Platforms will leverage synergies and talent from various Hiranandani Group entities but also has aggressive plans to hire over 250 employees in FY23. Tez’s initial outlay to launch the services this year will be approximately Rs 1,000 crore. And over the next 2-3 years, we expect to invest approximately Rs 3,500 crore.”
“We believe that the potential of digital has barely scratched the surface. We are widening our focus on technology-led, new-age services. Yotta Infrastructure will continue to be the vehicle for us to invest in areas of cloud computing, interconnectivity, enterprise applications and enterprise cyber security technologies, which are enhanced by our hyperscale and edge datacenter roll-outs. Separately, through Tez Platforms we intend to incubate and work with leading technologies and partners (both domestic and global) in other areas as well, in the next steps of our journey,” said Hiranandani.
According to a Brand Essence Research report, the Metaverse Market Size was valued at USD 209.77 USD Billion in 2021 and is expected to reach USD 716.5 Billion by 2027 with a CAGR of 22.7 per cent over the forecast period.
An evolution of the internet and the fad of virtual reality is showing a huge craze towards metaverse platforms. Increasing focus on conveying digital & physical worlds through the internet, growing Covid-19 cases, and rising traction & popularity of mixed reality (MR) are some of the major factors, this will result in auspicious growth for the metaverse market.
