A new entertainment, social, e-commerce and lifestyle hub is being launched to explore interactive digital environments and reimagine how people can engage with events, e-commerce, and religious tourism. This platform, Akashaverse, comes as a result of a new partnership between SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm and KiyaAI, the digital solutions provider.
Powered by Bharatmeta, KiyaAI’s experiences platform, Akashaverse intends to break down traditional barriers for events which have often necessitated a physical presence. Constraints such as geography, finances, health and other logistical challenges have proven to be obstacles in creating the best customer experience. Akashaverse plans to utilise virtual reality (VR), augmented reality (AR) and artificial intelligence (AI) technologies to transcend these barriers and make experiences more accessible and inclusive.
Akashaverse plans to offer users the ability to participate in virtual pilgrimages, visit virtual storefronts hosted by various brands, and engage in bespoke events from anywhere in the world. Through its commercial ecosystem, Akashaverse intends to provide its corporate clients real-time insights on product engagement from its customers and also enable a new innovative distribution channel.
Users will be able to access Akashaverse’s hub through VR or AR sets, with easy login options available. Even without VR sets, 360-degree images are expected to provide users an immersive visual experience while browsing the digital products and services on Akashaverse. The hub is also expected to support virtual donations, via a third-party regulated payment institution, for pilgrimage sites and associated charitable organizations, fostering a bridge between financial institutions and society.
Sanjeev Mehta, founder and CEO, Akashaverse
“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.”
Understanding the evolution and impact of web3
Having purchased land in The Sandbox, a decentralised gaming virtual world, to create innovative experiences for clients and the community in 2022, the latest partnership with KiyaAI builds on SC Ventures’ presence in the Web3 sector
“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.”
The potential of the immersive technology market
By 2032, the global immersive technology market size is expected to reach $167.75billion, according to Precedence Research. Akashaverse will initially focus on India, leveraging advanced technologies such as 360-degree imagery, VR, AR and AI to create immersive experiences across three main segments:
Event Booking Platforms
Enhancing marketing and bookings for MCE through immersive previews of event spaces and facilities. This could help tap into India’s event and exhibition market, which was US$4.8 billion in 2023 and is projected to reach US$7.8 billion by 2029, according to Mordor Intelligence.
Virtual Pilgrimages
Offering immersive tours for devotees who face financial, health or logistical constraints. During the COVID-19 pandemic travel restrictions, there was increased demand for virtual pilgrimages. Project Akashaverse aims to tap into India’s religious tourism market, which is expected to reach $3billion by 2031, according to Coherent Market Insights.
Virtual Stores
Rajesh Mirjankar, co-founder, MD and CEO of KiyaAI
Creating interactive shopping experiences that are integrated with Akashaverse’s event booking platform to offer users a unique opportunity to browse and purchase event-related merchandise, experiences and services. Akashaverse plans to support the creator economy in India and enable users to offer services via its hub as well. Akashaverse also plans to make its virtual stores accessible without specialised hardware.
“KiyaAI’s immersive UI platform blends real and virtual worlds. It empowers businesses to adopt cutting-edge technology by enabling visualization, online transactions, and interact with GenAI-driven virtual assistants,” said Rajesh Mirjankar, co-founder, MD and 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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