With rising adoption of augmented reality (AR) and virtual reality (VR) in India, it is expected that Indian AR/VR market will witness growth at a CAGR of 55.3 per cent during 2016 - 2021.The startup Kalpnik Technologies which is catering to this segment has raised a seed funding of $5,00,000 (Rs 3.32 crore) from angel investors at Venture Catalysts.
In 2016, the Bengaluru-based startup was founded by Apul Nahata, Ashwani Garg and John Kuruvilla. The startup allows users to virtually visit a remote place through its cutting-edge technologies to create immersive, interactive and new experiences.
Ashwani Garg, CEO of Kalpanik said, Digital disruption has been completely redefining how we function and operate. There is no single aspect of our lives which has not been, in some way or the other, revolutionised by technology.
The key investors in this round are: Ashwani Kakkar, chairman at Via.com; United Group of Institutions GG Gulati; MD of Videonetics Tinku Acharya; Nitesh Prakash, senior director of Ola; Anand Ladsaria, owner of Everest Flavours; Raja Sahi, SVP of Pixelogic Media; Dipak Agarwal of Onex Solutions; Nitin Agarwal, owner of NM Fashion and Rohit Parakh. Anuj Puri and Vansh Gulati will join the companys board once the transaction completes.
The spirituality based startup plans to use the funds to add more content related to temples and gurus on its platform. Garg added, The investment and support from market-leading incubators will help us in growing our business and taking our unique value proposition to a much larger number of religious establishments and devotees worldwide.
Speaking of the spirituality presence in India, GG Gulati, chairman of United Group of Institutions said, Religion and spirituality play a significant role in the lives of Indians. But with devotees significantly outnumbering available shrines, the crowded complexes at popular places of worship and the sheer physical distance between the devotees city of residence and the location of the shrine can often be a deterrent to a fulfilling spiritual experience. We are confident that the Kalpnik platform can fulfil the need-gap for such tech-driven religious and spiritual solutions in the Indian market, and even scale to become the global domain leader in the space.