Real estate giant Hiranandani Group announced it has forayed into the technology-led consumer services business through a new venture and expects to invest up to Rs 3,500 crore over the next two-three years, according to ET Bureau report.
Tez Platforms will focus on solutions in the entertainment and gaming space, apart from social media, ecommerce, personal mobility, artificial intelligence and blockchain-linked solutions, group chief executive Darshan Hiranandani said.
Hiranandani, however, said the company does not need capital now or acquire companies at present.
“I don’t think there is a need to raise capital for credibility. The focus may be on raising capital if we see a strategic fit. In the next few months, we will look at bringing one or two projects to market at a time. Whether that is through M&As, partnerships or if it deserves raising capital, we will take a call,” he added.
The company will announce senior management appointments for Tez within a few weeks. For now, Chirag Daru, who previously worked with the Hiranandani Group, RIL and most recently with Navneet, is coordinating some of the digital projects at Tez, the report said.
The business will be carved out on similar lines as the group’s data centre business Yotta, whose data centre and Edge offerings will be utilized to streamline the delivery of Tez’s consumer-centric solutions.
“Yotta Infrastructure will continue to be the vehicle for us to invest in the areas of cloud computing, interconnectivity, enterprise applications and enterprise cybersecurity technologies, which are enhanced by our hyperscale and edge data centre roll-outs. Separately, through Tez Platforms, we intend to incubate and work with leading technologies and partners (both domestic and global) in other areas as well,” Hiranandani said.
“We are hiring in areas like digital solutions, technology and gaming. We have worked with various outsourcing partners, but it is no longer possible as we want to launch our products and offering very soon,” he said. The company will focus on solutions that offer an immersive experience, irrespective of whether it is consumed on the Metaverse or similar technology, he added.
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