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SC Ventures and KiyaAI Launch Akashaverse

SC Ventures, in collaboration with KiyaAI, has announced the launch of Akashaverse. It will be a hub for entertainment, social interaction, e-commerce, etc.

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SC Ventures and KiyaAI Launch Akashaverse

SC Ventures and KiyaAI Launch Akashaverse

SC Ventures, the innovation and fintech investment arm of Standard Chartered, in collaboration with KiyaAI, a digital solutions provider, has announced the launch of Akashaverse. This initiative is designed as a comprehensive hub for entertainment, social interaction, e-commerce, and lifestyle, leveraging immersive technologies and artificial intelligence (AI). Akashaverse aims to redefine how users experience events, e-commerce, and religious tourism by creating interactive digital environments. The platform is powered by Bharatmeta, KiyaAI’s immersive experiences technology. 

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Leveraging Immersive Technologies to Overcome Physical Barriers

Traditional experiences often require physical presence, which may be restricted by geographic, financial, health, or logistical challenges. Akashaverse seeks to overcome these limitations by incorporating advanced technologies, including:  
- Virtual Reality (VR): Enabling users to immerse themselves in digital environments. 
- Augmented Reality (AR): Enhancing real-world interactions with virtual elements. 
- Artificial Intelligence (AI): personalizing experiences and providing real-time insights.  

Key Features of Akashaverse

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- Virtual Pilgrimages: Users can engage in religious tourism by visiting virtual renditions of sacred sites, making these experiences accessible to a broader audience. 
- E-Commerce Innovation: Virtual storefronts hosted by various brands provide a reimagined shopping experience, blending convenience with interactivity. 
- Bespoke Events: Participation in personalized events from any location, removing geographic and logistical constraints. 

Commercial Ecosystem for Corporate Clients

Akashaverse is designed to create value for businesses by offering a new distribution channel and real-time insights into customer engagement with products. This ecosystem enables brands to deliver innovative experiences while gaining actionable data to refine their offerings.

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Akashaverse represents a significant step in utilizing immersive technologies to enhance accessibility and inclusivity. By integrating VR, AR, and AI, it seeks to revolutionize how users interact with entertainment, commerce, and cultural experiences while providing businesses with a platform for innovative customer engagement. 

“Akashaverse intends to transform the way people connect and interact with spaces and services that were previously out of reach,” said Sanjeev Mehta, Founder and CEO, Akashaverse. “Our hub is being designed to enhance engagement and interactions and to enable users to immerse themselves in rich digital environments.”

“KiyaAI's immersive UI platform blends real and virtual worlds. It empowers businesses to adopt cutting-edge technology by enabling visualization, online transactions, and interaction with GenAI-driven virtual assistants,” said Rajesh Mirjankar, co-founder, MD & CEO of KiyaAI. “By leveraging its capabilities to integrate with the India Stack, it ensures these solutions work seamlessly within India’s digital ecosystem. This collaboration with SC Ventures reflects our shared vision of leveraging cutting-edge technologies to empower communities and create impactful digital ecosystems.”

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Akashaverse Targets the Growing $168 Billion Immersive Technology Market

Market Opportunity and Focus Areas
  
The global immersive technology market is projected to reach $167.75 billion by 2032, according to precedence research. Akashaverse aims to capitalize on this opportunity, beginning with a focus on India. By leveraging technologies like 360-degree imagery, virtual reality (VR), augmented reality (AR), and artificial intelligence (AI), Akashaverse will deliver immersive experiences across three key segments:  

1. Event Booking Platforms

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Akashaverse plans to enhance marketing and bookings for Meetings, Conferences, and Exhibitions (MCE) by offering immersive previews of event spaces and facilities. This addresses India’s event and exhibition market, which stood at $4.8 billion in 2023 and is expected to grow to $7.8 billion by 2029, according to Mordor Intelligence. 

2. Virtual Pilgrimages

The platform will offer immersive tours for devotees who face challenges such as financial, health, or logistical constraints, ensuring accessibility to spiritual experiences. 

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3. Virtual Stores

Akashaverse will create interactive shopping experiences that integrate with its event booking platform. Users will be able to browse and purchase event-related merchandise, experiences, and services. The platform also aims to support India’s growing creator economy by enabling users to offer services through Akashaverse’s hub. Unlike other platforms, these virtual stores will not require specialized hardware for access. 

User Accessibility and Interaction

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Akashaverse is designed to ensure accessibility for all users:  

- Users with VR or AR devices can fully immerse themselves in the platform. 
- For those without VR hardware, 360-degree images will provide a rich visual experience for browsing digital products and services. 
- The platform will also facilitate virtual donations for pilgrimage sites and charitable organizations via third-party regulated payment institutions, fostering a connection between financial institutions and societal causes. 

Future Vision

This initiative builds on SC Ventures’ prior exploration of immersive technologies. In 2022, SC Ventures purchased land in The Sandbox, a decentralized virtual world, to develop innovative experiences for its clients and community. Akashaverse is the next step in SC Ventures’ commitment to transforming user engagement through immersive digital environments. 

By targeting India’s dynamic digital landscape and aligning with global market trends, Akashaverse is poised to redefine how users interact with events, commerce, and cultural experiences. 

“It is inevitable that the evolution of Web3 will impact the way we do business in the future—with the integration of online and immersive environments creating demand for new business models and, at a minimum, the ability to operate the infrastructure in such spaces," said Alex Manson, CEO of SC Ventures. “We think it is critical to build the muscles to serve customers in Web3, and, in that context, we are excited to see Akashaverse provide access to events, e-commerce and religious tourism.”

 

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