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Sanjeev Mehta, former managing director of Standard Chartered Bank who resigned from the top post in September 2024, has become an entrepreneur with the launch of a new-age startup venture called Akashaverse.
Akashaverse is an entertainment, social, e-commerce and lifestyle hub which uses immersive technologies and artificial intelligence to provide day-to-day services and experiences. SC Ventures, Standard Chartered's innovation, fintech investment and ventures arm has partnered with KiyaAI, a digital solutions provider, to launch Akashaverse. Akashaverse will explore immersive and interactive digital environments and intends to transform how people experience and engage with events, e-commerce and religious tourism. Powered by Bharatmeta, KiyaAI's immersive experiences platform, Akashaverse intends to break down traditional barriers. Traditional experiences often necessitate physical presence, which could be limited by geographical, financial, health or logistical constraints. Akashaverse plans to utilize 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 for a reimagined e-commerce customer experience, 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. "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." Speaking to ANI, Mehta recalled his initial days in banking 28 years ago to become an MD of a bank. "I saw an opportunity in the startup space. I have been closely following Prime Minister's Narendra Modi startup initiative for 9 years. I have supported many startups, and they are doing well. I placed an idea before the bank for this startup, which we launched today," Mehta told ANI. Mehta said they were aiming to formally launch the Akashaverse platform at Startup Mahakumbh -- scheduled to be held in early April 2025. The banker-turned-entrepreneur said his Akashaverse platform, based in India, will serve the world. "We want to encash the opportunity at hand, serving global Indians and multiple markets," he said. 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, virtual pilgrimages, and virtual stores. Harald Eltvedt, Operating Member, Global Head of Venture Building, Standard Chartered, said "We're very excited to be launching the venture here in India." "It is very first of its kind for many different reasons. The very first reason it's a venture from that we're building from the start in India, with a partner, which is KiyaAI as a co founder with us on this venture, and with Sanjeev Mehta who's a former banker, and who's going to be the CEO and the co founder of this venture. So it's, it's for this reason. It's a very first for us. It's also a first because it's the first venture that we're launching from India, and that we're going to be launching a lot more in India, and it's a commitment from Standard Chartered Ventures," Harald Eltvedt told ANI. (ANI)
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