IT firm Nagarro invests in metaverse space; acquires RipeConcepts
Talking about acquisition, Fuloria said apart from RipeConcepts, the company has acquired Techmill. It is also on the lookout for potential acquisitions.
Published: 02nd July 2022 04:44 PM | Last Updated: 02nd July 2022 04:44 PM | A+A A-
The global metaverse market is expected to rise to $47.48 billion this year. | Illustration by: Saai
BENGALURU: Software services company Nagarro has invested in metaverse by acquiring RipeConcepts, which is into design and 3D modelling.
"The metaverse is where Artificial Intelligence (AI) was five years ago. Our clients are just considering proofs-of-concept, just dipping their toes into this space. The expansion will surely come," Manas Fuloria, CEO and co-founder of Nagarro told The New Indian Express.
Apart from big IT companies, many mid-sized firms are also exploring the metaverse space. According to Statista, the global metaverse market is expected to rise to $47.48 billion this year and around $679 billion in another eight years.
"We want to be patient, but we want to be ready when the (metaverse) wave comes. We are also training colleagues through various learning platforms to become better skilled at working on the metaverse and on imagining how it can be leveraged. When our clients want full-blown solutions, we will be prepared," he added.
Talking about acquisition, Fuloria said apart from RipeConcepts, the company has acquired Techmill. It is also on the lookout for potential acquisitions.
Germany-listed company Nagarro, which has presence in 14 cities in India, serves over 1,000 clients across 63 countries. It plans to hire 5,000 people this year. At present, the company has over 16,000 employees.
On attrition, Fuloria said that it has definitely been high since 2021. "For us, it has been elevated but not critical. But this elevated rate is persisting so far and we don't see any significant decline even as we hear of start-ups laying off people or stopping hiring," he said.
The company, which specialises in providing AI, ML, IoT, Data analytics and DevOps, has centres in Romania, Austria, Germany, Mexico, the US and the UAE. It recorded annual revenue growth of €546 million in 2021.
Talking about the Indian market, the CEO said many Indian companies are turning to Nagarro for their digital transformation. "Leading companies in the automotive, financial, pharmaceutical, retail, ecommerce, hi-tech and other sectors are now partnering with Nagarro for their strategic initiatives," he added.
