1Bridge integrates into 1verse to create the world’s first major Metaverse Commerce platform
28th July 2022, Bengaluru
Bengaluru-based 1verse, with origins in VR/AR development and AI has developed an extensive proprietary metaverse making it one of the first of its kind platform to connect the meta world with the real world. 1Bridge is one of India’s largest assisted commerce tech-platform with a presence in over 12,000 towns across the country through a network of entrepreneurs.
By combining the power of these two entities, the 1verse platform will target the US$50+ billion market for aspirational products in emerging markets and revolutionize the way products are experienced and bought, by integrating an immersive metaverse environment coupled with a strong distribution and fulfillment infrastructure. The initial focus will be on partnering with corporations in the cleantech and electric vehicles space. This comes at a time where progressively aspirational consumers driven by increasing penetration of technology and faster internet infrastructure such a 5G, are clamouring for new products and services combined with a rich immersive interactive experience. Corporate brands have taken notice of this trend and have been increasingly focused on adapting their product offerings to meet the demand.
“This deal enables us to overcome the cold start problem with a massive distribution network covering 5 million homes, delivering an unparalleled buyer experience. Through the metaverse, we are facilitating brands and creators to reach out to customers in innovative ways“ said Prashanth Joshua an engineer from IIT Kharagpur who formerly worked with Microsoft.
“We have always believed in the power of a technology leapfrog in transforming the lives of consumers in emerging markets – I see tremendous potential for this partnership to create a significant impact on lives, lifestyles and livelihoods of our citizens in India and globally, while generating incomes and growth for entrepreneurs on our platform“ added Madan Padaki who is a serial entrepreneur and built and exited several successful start-ups prior to 1Bridge. He was feted by Prime Minister Narendra Modi on a recent episode of Mann Ki Baat.
With a history of growth and profitability in 1Bridge over the last seven years, 1verse starts with a significant annual revenue run rate, a physical supply chain and distribution network spanning over 75 districts across the country, with a presence in over 12,000 towns and access to over 5 million consumers. This on-ground customer engagement engine is poised to add millions of customers engaging with the metaverse and other extended reality (XR) products.1Bridge will continue to operate the last-mile delivery and logistics business’ and will provide a strong fulfillment capability.
Speaking of the growth potential of the combination of 1verse and 1Bridge, Suhas Kundapoor, one the founders said: “The metaverse, with its immersive elements and ability to personalize transactions, will have a hugely positive impact on global consumers. For investors, this represents a very attractive business model.” Kundapoor, a capital markets and corporate strategy expert, helped structure the deal and is driving the next round of fundraising. He was formerly the Managing Director of Greenwich Advisors which managed an India-focused 40-act fund based in Greenwich, Connecticut, US.
1verse is talking to various global investors to raise over US$50 million. The Corporate Finance team of Rand Merchant Bank (RMB), a division of Johannesburg headquartered FirstRand Bank Limited, one of the largest financial institutions in Africa by market capitalization, assisted 1verse on the integration with 1Bridge. It is also currently assisting 1verse with fundraise. Krishna Nagar, Co-Head of RMB Corporate Finance, said “We are delighted to be working alongside the well-pedigreed founders of 1verse to introduce strong investors to support the rapid scale-up of this exciting platform.”
