Gaming firm JetSynthesys Pvt Ltd has bought Bengaluru-based Web3 product studio Metaphy Labs for an undisclosed amount, marking its first acquisition in the metaverse.
Speaking to VCCircle, Rajan Navani, Founder and CEO of JetSynthesys said, “We have earmarked $50 million (around Rs 395 crore) to invest in metaverse over the next three years. It will be through acquisitions or investments in technologies or capabilities, among others. Our vision with the company is to take India to the next level of innovation and disruption within Web3.”
Founded by Rakesh S, Preetham Sathyamurthy, Nav Sangameswaran and Varun Sharma, Metaphy Labs is a provider for brands to create their own metaverse capabilities in the Web 3.0 space.
With this acquisition, Pune-based JetSynthesys aims to facilitate metaverse experience by providing ‘metaverse as a service’ (MAAS) to brands, helping them build their own virtual worlds, replete with meta commerce and a wide range of customizable immersive user experiences, it said in a statement.
“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.
“Web 3.0 is the next phase of the internet ecosystem that will transform the future of the digital revolution. As early adopters of this in the country, JetSynthesys’ Metaphy Labs will look at building the metaverse ecosystem…with an initial focus on gaming, entertainment, and fashion, our vision is to help SMBs create their own end-to-end metaverse capabilities and also provide engaging experiences to audiences via live concerts, live celebrity engagements, product launches, virtual tournaments, and much more,” said Girish Menon, Chief Strategy Officer at JetSynthesys.
JetSynthesys, part of the diversified JetLine Group of Companies, counts the family offices of Poonawalla and Infosys co-founder Kris Gopalakrishnan, promoters of entities such as engineering company Thermax, diversified manufacturer Triveni Group, and the DSP Group. as its investors.
Spanning three key verticals – gaming, digital entertainment, and interest-based social community platforms, JetSynthesys leverages advanced capabilities in artificial intelligence, machine learning, blockchain and AR/VR to leverage the digital ecosystem of India.
The digital content firm was the earliest entrant in India’s e-sports industry, having had a 50% founding stake in India’s largest esports company, Nodwin Gaming.
Early this year, Nautilus Mobile, a mobile-focused game development studio owned by JetSynthesys secured a funding of $5.4 million from South Korean gaming company Krafton, Inc. It was acquired in 2020.
JetSynthesys also launched its new logo ‘Jetverse’ early this year, aimed at highlighting the platform’s presence across multiple digital worlds.