Walmart-owned Flipkart Acquires AR Start-up Scapic
Entrepreneur's New Year’s Guide
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Flipkart Group on Friday said to have acquired cloud platform Scapic, a company that creates immersive augmented reality (AR) and three dimensional (3D) experiences for e-commerce space.
“The vision of the founders, Sai Krishna and Ajay P.V., of a platform for AR and 3D content creation and distribution is what excited Speciale Invest to back the team very early in their journey. The intersection of visual technology, AI, computer vision and the NoCode approach to building immersive experiences was a unique combination that is hard to find,” said Vishesh Rajaram, managing partner, Speciale Invest while speaking on the development.
This acquisition marks the second exit by deep-tech seed stage venture capital Speciale Invest, who had identified the potential of AR and 3D in the early stages of inception and led the investment in the cloud platform.
“This technology depth along with the ability to iterate on the product by serving multiple brands is what differentiates Scapic. The acquisition is a strong validation for us and for the ecosystem that world-class, deep tech product start-ups can be built from India, and we will look to back many more such ideas. I wish them all the very best in their journey,” Rajaram further added.
“Today, we buy more online than ever, and it has only accelerated this year. Customers now require better visuals than ever before. Scapic is building visual technology that brings products to life using Augmented Reality (AR) and 3D. Advancements by the Scapic team in the field of AI, computer vision, and AR have made this change possible," remarked V.K Sai Krishna and Ajay P.V, co-founders, Scapic, in a statement.
The attainment is the result of a ride that started in 2017 for Scapic, when they were backed by the venture capital firm, who led their seed round of $50,000. This round also saw participation from Axilor Ventures and Newfort Holdings, among others.