IndianWeb2
Home Press Release

In past few years there has been an quite a good emergence of 170 Augmented Reality (AR) and Virtual Reality (VR) startups in India, 60% of which launched in the past 24 months. Bengaluru takes the lead, attracting 27% of these startups, followed by Delhi at 25% and Mumbai at 13%, according to a Market Pulse Report on AR and VR, by GrowthEnabler, a data and intelligence firm on disruptive technology/digital startups.

Various industry estimates peg the global AR/VR market at $100-120 billion by 2021.

According to a Market Pulse Report on AR and VR, by GrowthEnabler, a data and intelligence firm on disruptive technology/digital startups, in the world across the AR segment has received $2.5 billion in funding, and VR $2.7 billion.

“In India, of the 100 AR startups, only 5% have received any form of capital investment of $1-1.5 million. Of the 70 VR start-ups, only a handful have raised any seed/angel capital. Even the top 15 AR/VR start-ups that GrowthEnabler has identified based on over 50 parameters, have collectively raised under $3 million in funding. But all that is going to change in the next five years,” Banda said.

The Karnataka governmnet is actively promoting AR/VR start-ups by providing incubation, mentoring, idea validation by experts, opportunities to deploy pilots with various departments, along with fund support for eligible ones. “We have around 50 start-ups in the AR/VR space in our physical and virtual incubation programmes” said Priyank Kharge, Karnataka IT Minister.

Despite of all this however there’s a good news for all AR/VR startups in India that Indian AR/VR market is expected to grow at a compound annual growth rate (CAGR) of 76% over the next five years, fuelled by demand from business and consumer sectors.

The above report was first published in Business Line.

A couple of months back only, Bengaluru based AR-enabled interactive educational games startup Play Shifu has raised funding of undisclosed amounf in a pre-Series A round led by IDG Ventures and IDFC-Parampara Fund and, in the same month, followed by $500,000 funding of Kalpnik Technologies, which is a virtual reality-driven spiritual startup.

Prior to this, famous West Indies cricketer Chris Gayle had too invested in a Bangalore based AR startup FlippAR.

In October 2017, another VR & AR startup GridRaster has a raised $2 million in seed funding from a group of venture capital firms.

In May 2017, Chymera VR Inc, a virtual reality advertising platform, had secured funding from a clutch of angel investors, including People Group founder and chief executive Anupam Mittal, Airbnb’s global expansion head Varsha Rao, Google executive Surojit Chatterjee, and HHC Holdings chairman Nirav Choksi.

Like this content? Sign up for our daily newsletter to get latest updates.

Every Venture Is Not About Capital !
Independent digital media & Free Press is supported solely by contribution from individuals. Unlike other digital media entities we don not take a cent from business, investors or political parties, so your contribution makes a big difference -- and helps us stay independent without any equity to investors --

Comments

comments