JetSynthesys to invest $50 million to build metaverse practice

PDigital entertainment and gaming firm JetSynthesys said that it would be investing $50 million to boost its metaverse capabilities over the next few years. Rajan Navani, managing director, JetSynthesys said this would be a separate category for the company which would then build out multiple experiences for consumers.

As the first step towards this, the Adar Poonawalla and Kris Gopalakrishnan backed company announced the acquisition of Metaphy Labs, an end-to-end solution provider in the Web 3.0 space.

“This acquisition will help us build a metaverse as a service offering, that will help brands create their own metaverse capabilities in the Web 3.0 space,” he told ET.

The terms of the deal were not disclosed, and the founders will continue to hold a minority stake and be a part of the company. Meta Commerce is slated to be a $2.5 trillion global opportunity by 2030 as per a McKinsey report, said Navani, and this is the opportunity the company wants to tap into, both globally and in India.

“We are amongst the early pioneers of providing metaverse solutions in the country and are looking forward to helping brands build best-in-class user experiences. Our vision with the company is to take India to the next level of innovation and disruption within Web 3.0,” said Navani. “We aim to partner with multiple stakeholders including public and private sector companies, industry bodies, and government stakeholders to make MAAS the most sought-after capability of the future.”

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