This newfound love for the metaverse is not just restricted to the western world. Indian companies are also actively investing in the metaverse. The metaverse is the combination of AR (Augmented Reality) and VR (Virtual Reality) technologies that allow people to create locations and events online within which digital versions of themselves and others can reside and interact. Several companies have already lined up to create projects, products and properties within the Metaverse. Here are the five startups demonstrating how the metaverse can bridge cultural gaps.
IKonz
Developed a wealth-building platform intended to bring culture’s biggest icons & iconic IP into the Metaverse through NFTs. The company specializes in navigating the complexities of the technology and understanding the different means of monetization and upscaling, enabling IP owners, artists, and other established icons to manage, sell and monetize digital assets. The company raised an undisclosed amount of seed funding in a deal led by Village Global and Woodstock Fund on March 7, 2022. Polygon Studios also participated in the round. The funds will be used to ramp up artistic talent from across the globe and hire top tech talent to build out its metaverse and drop NFTs from its various IP partners.
Invact
The operator of an immersive university-like platform intended to create employability via quality education. The company’s platform combines the virtual world with the real world to offer an alternate MBA program that focuses on core business functions and job skills such as marketing, product management, and many more, enabling freshers and professionals to avail socially immersive learning experiences from the comfort of their couch. The company raised $5 million of seed funding in a deal led by Arkam Ventures on February 7, 2022, putting the company’s pre-money valuation at $28 million. Antler India and 68 other investors also participated in the round.
LOKA
The developer of a metaverse application intended to enable users to interact with different people all around the world. The company’s platform offers a metaverse multiplayer gaming application that provides real locations and experiences to the user and is designed for social engagement, gaming, E-commerce, content & entertainment, enabling users to get a real experience of gaming and social engagement. The company raised INR 1.33 million of angel funding from Anupam Mittal on March 2, 2022, putting the company’s pre-money valuation at INR 15.30 million.
Atirath Gaming Technology
The developer of a gaming platform designed on an Indian mythology theme. The company’s platform creates fun and strategy-based games targeting smartphones bringing unique subcontinent cultural elements/themes with global appeal, helping players, content creators, and game publishers to connect with each other. The company raised an undisclosed amount of seed funding from Kalaari Capital on February 7, 2022. The funds will be used for strengthening the company’s products, expanding its team, and preparing for the metaverse.
Wall App
The operator of a social discovery platform intended to offer communication in blockchain-based social communities. The company’s platform offers to converge cross-chain activities, digital collectibles, access to creators and artists, and discovery activities in NFTs and DAOs, enabling users to bridge the gap between creator and community by creating a way they can communicate with each other without ads and revenue slicing from third parties. The company raised $1 million of seed funding from Woodstock Fund, Arcanum Capital, and Lancer Capital on January 3, 2022. Tushar Aggarwal, Deepanshu Tripati, Ahmed Al-Balaghi, Aniket Jindal, Sachin Tomar, Prabhakar Reddy, Raghu Yarlagadda and Lumos labs also participated in the round. The funds will be used for organic and inorganic growth and scaling product technology, marketing, and customer acquisition.
