New Delhi, January 23: SC Ventures, the innovation and fintech investment arm of Standard Chartered, has partnered with Kiya AI, a digital solutions provider, to launch Akashaverse—a revolutionary platform combining entertainment, social interaction, e-commerce, and lifestyle experiences through immersive technologies and artificial intelligence. Built on Kiya AI’s immersive platform, Bharatmeta, Akashaverse aims to transform how people engage with events, shopping, and religious tourism by breaking down traditional barriers.
Bridging Gaps with VR, AR, and AI
Physical experiences often come with limitations such as geographical, financial, or logistical constraints. Akashaverse leverages virtual reality (VR), augmented reality (AR), and artificial intelligence (AI) to transcend these barriers, making experiences more accessible and inclusive.
Users will be able to:
- Participate in virtual pilgrimages to sacred sites.
- Shop in interactive virtual stores hosted by brands for a reimagined e-commerce experience.
- Engage in bespoke events from anywhere in the world.
The platform also offers corporate clients real-time insights into customer engagement, providing a novel distribution channel.
“Akashaverse is designed to transform how people connect with spaces and services that were previously out of reach,” said Sanjeev Mehta, Founder and CEO of Akashaverse. “Our goal is to enhance engagement and interaction, enabling users to immerse themselves in dynamic digital environments.”
Kiya AI’s Role in the Vision
“Kiya AI’s immersive UI platform bridges real and virtual worlds, empowering businesses to adopt advanced technology for visualization, online transactions, and interactions with GenAI-driven virtual assistants,” said Rajesh Mirjankar, Co-founder, MD & CEO of Kiya AI. The platform integrates seamlessly with India’s digital ecosystem through the India Stack, reflecting a shared vision of creating impactful digital experiences.
Aiming for a $168 Billion Market by 2032
According to Precedence Research, the global immersive technology market is expected to reach $167.75 billion by 2032. Akashaverse will initially focus on India, targeting three key segments:
- Event Booking Platforms: Enabling immersive previews of event spaces to enhance marketing and bookings, tapping into India’s event and exhibition market, which is projected to grow from $4.8 billion in 2023 to $7.8 billion by 2029.
- Virtual Pilgrimages: Providing immersive tours for devotees who face constraints in visiting physical sites.
- Virtual Stores: Creating interactive shopping experiences integrated with event booking platforms, supporting India’s growing creator economy and offering unique opportunities to browse and purchase merchandise and services.
Unlike many platforms, Akashaverse’s virtual stores will be accessible without specialized hardware, ensuring broader reach.
Accessibility and Interaction
Users can access Akashaverse via VR or AR sets, with 360-degree imagery providing immersive experiences for those without VR equipment. The platform will also support virtual donations for pilgrimage sites and associated charities, fostering connections between financial institutions and communities.
Future Outlook
This initiative builds on SC Ventures’ previous ventures into immersive experiences, including purchasing land in The Sandbox in 2022 to create innovative client and community interactions.
“As Web3 evolves, it will reshape how businesses operate, integrating online and immersive environments to create demand for new models,” said Alex Manson, CEO of SC Ventures. “We are excited to see Akashaverse lead the way in providing access to events, e-commerce, and religious tourism in this new era.”
Akashaverse represents a significant step forward in making immersive experiences more inclusive, accessible, and transformative.
