Tech Firm Nagarro Enters Metaverse with Takeover of RipeConcepts

By purchasing RipeConcepts, a firm that specializes in design and 3D modeling, the software consulting firm Nagarro has made an investment in the metaverse.

“The artificial intelligence (AI) of today is equivalent to the state that the metaverse was in five years back. Our customers are only beginning to mull over proofs-of-concept at this point; they are tentatively entering this market. The growth is without a doubt going to occur.” said Manas Fuloria, CEO and co-founder of Nagarro.

The metaverse is of interest to a large number of mid-sized businesses in addition to the large information technology corporations. The worldwide market for the metaverse is anticipated to reach $47.48 billion in 2022 and about $679 billion in the next eight years, as stated by Statista.

He further stated “Although we want to show patience, we also want to be prepared for the (metaverse) tsunami when it arrives. Additionally, we are providing our coworkers with training via a variety of learning portals so that they can become more proficient at working within the metaverse and conceiving ways in which it might be used. When our customers seek comprehensive solutions, we will indeed be ready to provide them.”

In his discussion on the topic of takeover, Fuloria said that in addition to RipeConcepts, the firm had purchased Techmill. Additionally, it is looking at possible mergers and acquisitions. The Germany-listed business Nagarro has a footprint in 14 locations around India and provides services to over 1,000 customers in 63 different countries. It has set a goal to recruit 5,000 new employees throughout this year. There are now around 16,000 people working for the firm.

Regarding the issue of attrition, Fuloria mentioned that it has unquestionably been high since since 2021. “In our view, the threat level has increased but is not yet critical. However, this abnormally high rate seems to be sticking around for the time being, and while we hear about start-ups ceasing to hire new employees or laying off current employees, we haven’t seen any evidence of a big reduction” he added.

Centers of the firm may be found in Romania, Austria, Germany, Mexico, the United States of America, and the United Arab Emirates. The firm specializes in offering AI, ML, IoT, Data analytics, and DevOps services. In the year 2021, it reported an increase in yearly revenue of 546 million euros.

When asked about the Indian market, the CEO of the company said that many Indian businesses are relying on Nagarro for their digital transformation. “Top enterprises in the automotive, financial, pharmaceutical, retail, ecommerce, high technology, as well as other industries are now collaborating with Nagarro for their strategic priorities,” he added. “These companies range from automotive to financial to pharmaceutical to retail to ecommerce to high technology.”