India has been taken over by the startup craze in recent years, with multiple unicorns emerging in less than a decade. Their meteoric rise has created massive ripples across the country, tapping into a dormant entrepreneurial spirit. Educational institutions are not untouched by this wave, with top institutes like IIM, IIT and NIFT launching their own incubator and accelerator programs. This increased interest in fostering the next generation of tech leaders and disruptors has resonated with the government as well. Recently, the Ministry of Industry formalized its support for NIFT Kangra in setting up an incubator at the institute, complementing the state-of-the-art AR/VR design studio on campus.
The number of Internet users in India has risen from 30 million in 2011 to a whopping 700 million in 2021. Along with the growing awareness of AR/VR tech and the improved ease of doing business in the country, state-sponsored digital drives are setting the scene for investors and innovators to take a leap. There are presently 250 AR/VR startups in the country, with many more on the way. Their offerings span a variety of sectors, with proptech, edutech and virtual conferencing being prominent amongst them. In the virtual events & conferencing space, especially, offerings like NextMeet are filling the gap created by video conferencing tools. By completing the immersive experience of a VR-compatible 3D platform with spatial audio and avatar-based UI, these mass-market offerings are a great example of how a fertile startup ecosystem will drive user-centric innovation across domains. Just as competition grows in the market, state governments too are working towards establishing themselves as frontrunners of the AR/VR revolution. These trends are shifting the power back in the hands of the consumer, bringing forth new options and opportunities with every passing day. All said, it is an exciting time to be an ARVR enthusiast in India.