Hiranandani Group set to invest Rs. 3,500 crore in metaverse

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Hiranandani Group, a real-estate firm in India has decided to enter technology-led consumer services through its new venture ‘Tez Platforms.’ The company has planned to start a multi-year investment of up to Rs. 3,500 crores. It will launch this year with an initial investment of Rs. 1000 crore and the rest is expected to be invested in 2-3 years.

This will be focused on solutions in the space of entertainment, social media, gaming, artificial intelligence, e-commerce, personal mobility, and blockchain-linked solutions.

The company is planning to leverage employees from Hiranandani Group and also to hire 250 employees for this venture in 5 to 6 months. According to a report, the senior management for this will be announced in a couple of weeks. As of now, Chirag Daru, a former employee of Hiranandani Group will be coordinating the projects.

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.

Darshan Hiranandani

Darshan Hiranandani said, “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,”. He believes that there is a shift in the way people consume entertainment and if this has the potential to be big enough, then gaming and entertainment will be the first to get affected.

The company has also previously invested in Yotta Infrastructure for setting up data centers in the country. The company has plans to continue its investments in data centers and logistics parks.

“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,” added Darshan Hiranandani.

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