Digital entertainment and gaming company JetSynthesys said that it would spend $50 million over the following few years to expand its metaverse capabilities. According to Rajan Navani, managing director of JetSynthesys, this would be a distinct category for the business, which would subsequently provide several user experiences.

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.

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.”

The acquisition will build on the company’s existing capabilities in augmented and virtual reality, and create a service offering that will help brands establish their presence in the metaverse, covering both, meta commerce and a range of customizable immersive user experiences. Navani said that the upcoming 5G roll outs would provide a boost to the adoption of these new technologies in the country. The company will start with an initial focus on the gaming, entertainment and fashion industries.

“We are creating a product suite that would power metaverses for Indian and global brands in addition to our internal team, which offers end-to-end metaverse solutions. Our objective as JetSynthesys' Metaphy is to offer a platform ecosystem that enables brands and creators to swiftly develop and release immersive experiences with meta-commerce capabilities,” said Rakesh S., CEO, Metaphy Labs.