Things have been heating up for the #metaverse & #web3 Industry in India, #meta recently partnered with #MeiTy for a program to support and accelerate XR technology startups across with an INR of 20 Lakh grant each to 40 #extendedreality Startups totalling 8 Crore.
#CoinSwitch launched a $10 million discovery fund for India's #web3 industry
#Binance VC to focus on early-stage Web3 projects in India market.
The Biggest News from all the above seems to be the Translucia & Sunovatech partnership of $3 Billion, lets see what this partnership can do for India's already vibrant Metaverse & Web 3.0 Industry.
Thailand-based Translucia has onboarded #Sunovatech, which specialises in immersive and extended reality, for its USD 3 billion metaverse project, the Indian firm said.
Translucia is a subsidiary of T&B Media Global run by Chearavanont family members -- counted among Asia's top 5 richest family based out of Thailand.
"We are delighted to work with Sunovatech India including our global partners. These partners bring their unique expertise, talent and advanced technologies to help Translucia achieve its goals. Sunovatech contribution is critical as the talent from India will bring in quality, speed of production, cost efficiency, and commitment," T&B Media Global founder and CEO Jwanwat Ahriyavraromp said in a statement.
The global alliance includes Singapore-based digital asset bank #Sygnum
Melbourne-based metaverse research and development centre Two Bulls
and Chinese creative firm Black Flame.
Under the partnership, Sunovatech will act as a production hub for building 3D assets, environments and modules of the metaverse. Sunovatech founder Rishi Ahuja, who is a self-trained technologist, said that the USD 3 billion investment for the Translucia project is expected to be made in the next couple of years.
Click to watch the episode with Sunovatech Founder Rishi Ahuja & Aditya tuknait from #klipvr
"This partnership uniquely opens access to a large volume of 3D assets for Translucia owned by Sunovatech. Sunovatech's resources will build various components and assets of the metaverse as a service contract with various stakeholders to deliver in the Translucia interconnected metaverse," he said.
Ahuja said that with the Translucia project in hand, the company expects to see 4 to 5 times growth in business in the next three years. He said that the company has around 80 people, which it plans to scale up to over 250 by the end of next year.
Around 20 years old firm Sunovatech has only one client in India, Indian Railways, while all other customers are based overseas, including Paramount Studios, Dubai and Qatar governments etc, Ahuja said.